Korean group takes content stake

iHQ obtains control over ComedyTV, YTN Star

South Korean entertainment group iHQ has bought a 51.42% stake in content provider YTN Media for $17.6 million, giving it control over cable/satellite channels ComedyTV and the entertainment-themed YTN Star.

Former main shareholder YTN will retain 11.93% of shares. The deal was funded by an issue of $18 million in convertible bonds on Dec. 15.

In local press reports Jung Hoon-tack, CEO of iHQ, said YTN Media would offer extra windows for the company’s growing content divisions and its talent management arm SidusHQ.

Nonetheless, many observers suspect South Korea’s top telco SK Telecom is behind the buy-up. It holds a 21.66% stake in iHQ as well as a call option for April, which could see it become the company’s leading shareholder.

As South Korea moves quickly towards the delivery of films and other content to mobile phones, the top three mobile operators SK Telecom, KTF and LG Telecom have all taken an increased interest in various segments of the entertainment industry.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety