SK Telecom Buys Record Label

South Korea’s SK Telecom has announced plans to buy into a record label to obtain the rights to distribute the music. “SK announced Friday it plans to acquire YBM Seoul Records for W29.2 billon (US$29.2 million), having signed a contract to acquire a 60 percent stake in the country’s largest music label by taking over shares from the music company’s largest shareholder Min Young-bin and issuing new stocks…The mobile operator also plans to establish a music fund to promote the local music market and help Korean singers debut overseas.”

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