Asia Express - Mobile Communications
SKT, Warner Music Form JV to Promote Mobile Music Services
May 12, 2006
Warner Music has decided to join hands with Korea's SK Telecom to set up a joint venture, which will take over Warner Music's business in Korea, in a bid to promote music services via mobile phones or other digital devices. Warner Music will have a 60% stake in the new company, named WS Entertainment, and SK Telecom will own a 40% share of the joint venture. The joint venture will have an initial capital of eight billion Won, and the venture marks the first time that a major music company establishes strategic ties with a local telecom. The new company will be based in Seoul, Korea.