US media company A&E invests in S. Korea entertainment business

Park Sae-jin Reporter Posted : 2016-12-23 17:12 Updated : 2016-12-23 17:12
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[Courtesy of iHQ]

A&E Networks, an American media company, is making its foray into South Korea's entertainment contents market through a strategic partnership with a local talent management agency.

A&E Networks, a joint venture between Hearst and Disney-ABC Television Group, forged a deal Thursday to buy a 4.99 percent stake worth 17.9 billion won (14.8 million US dollars) in iHQ from its largest shareholder and cable TV company D'Live.

iHQ, which is also involved in TV drama and music production, manages a number of artists, actors, and actresses as well as Hallyu (Korean culture wave) stars including Kim Woo-bin and Kim Yoo-jung who are popular in Asia.

This is the first time for a global media group to make a strategic investment in South Korea's entertainment business. The two will jointly carry out production and distribution of cultural contents while the deal will help A&E utilize Korean contents and expand its presence in Asia.