SK Telecom To Launch Media Fund In Korea

In Korea, the dominant telco SK Telecom is planning to start a fund with local investment companies to expand its business to media and entertainment. The size of the fund will be around 75 billion won ($74.9 million)…The move comes a month after the company spent 14 billion won to acquire 21.7 percent of IHQ, an entertainment management firm.

SK Telecom had recently been attempting to increase its investment in the entertainment sector, particularly in music, movies and games. The company is looking to develop content for its mobile data and wireless Internet services, which now account for about 40 percent of its revenue.

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