Hong Kong/Seoul, June 8, 2000 Channel [V] and Koreas DoReMi Media Company Limited are pleased to announce the formalisation of agreements which will result in two joint-ventures in the Korean market. These joint-ventures will facilitate the creation of Channel [V] Korea and vkorea.com respectively.
The venture which will create Channel [V] Korea, an on-air broadcasting property, will incorporate the production of local television programming, distribution of the product and commercial sales. Channel [V] will hold a 33% stake with DoReMi holding a 67% stake.
vkorea.com will be established through a second joint-venture and will be positioned as Koreas pre-eminent youth portal. Each company will hold a 50% stake.
DoReMi is South Korea's largest recording company. It currently boasts a 35 percent market share and owns valuable music rights.
Says Channel [V] Managing Director, Steve Smith, With South Korea currently being one of Asias most dynamic market places, this is a perfect time to be creating dedicated broadcast and online services. With all its experience in this market, DoReMi is the ideal partner for this venture and we look forward to successfully launching these new products.
DoReMi Media President Park Nam Sung says, Through the formation of Channel [V] Korea, we will create the perfect opportunity to provide high quality music programming for the local market and an avenue to expose Korean music throughout Asia.
Channel [V] Commercial Director, Jasper Donat adds, This is a fabulous opportunity for Channel [V] to expand its existing viewer base in Korea and provide them with an increased volume of quality youth targeted local programming. This will in turn make sense to a wealth of local and regional advertisers looking for exciting integrated opportunities by which to reach the youth of South Korea".
Currently Channel [V] is seen in Korea through its Greater China feed, which already carries three Korea-specific shows. The new service is scheduled for launch in September 2000.
Channel [V] Music Networks Ltd Partnership is a joint venture between STAR TV and EMI Music. It current;y operates 6 services in Asia and Australasia : Channel [V] Greater China, Channel [V] India, Channel [V] Thailand, Channel [V] Australia, Channel [V] Philippines and Channel [V] International. Channel [V] is seen in more than 40 million homes in 53 countries on a 24-hour basis. Syndication brings the channel into another 126 million homes. Channel [V] Greater China reaches 21 million homes in Mainland China and more than 4 million homes in Taiwan on a 24-hour basis. Through syndication on Chinas top web of terrestrial TV stations and cable systems, Channel [V] reaches a further 100 million homes every day on the Mainland. Channel [V] India reaches 10 million homes in the Sub-Continent. Channel [V] Thailand reaches 320,000 homes on cable system UBC. Channel [V] Philippines is a joint-venture with GMA and is broadcast on terrestrial UHF Channel 27. Launched in 1997, Channel [V] Australia now has the potential to reach every home in the country. Additional information on all Channel [V] services can be found at www.channelv.com
DoReMi Records was founded in 1989 as a daughter company of Jun Production, the first company in Korea to use the production concept to become a professional management agency. DoReMi Records is now Koreas leading record company. The company also pioneered the field of star management and has contributed much to Koreas popular music and television industries. The company has an extensive portfolio which spans everything from record production to CD and tape manufacturing to its original enterprise of artist management.
In 1999, DoReMis record sales reached more than 12 million units. It also manages over 80 artists, including numerous million sellers. DoReMi established DoReMi Media Corporation and DoReMi Music Publishing Corporation in 1997. DoReMi Media produces and conducts R&D in the field of high-tech compressed recording and communications related to underground technology. In 1998, the company was the first to market the Digital-Audio-Compact Disc Recordable. The Company is the proprietor of high precision compression technology of DVD and DVD-R/RAM and continues R&D in the field of sound technology and visual media development.
DoReMi Music Publishing is a pioneer in the record copyright industry and conducts businesses aimed at protecting the interests of musicians and songwriters.
