KT joins hands with Discovery Channel to jointly produce and distribute media content
SEOUL, AJU - KT, a top telecom company in South Korea, signed a business agreement with Discovery, an American content media company, to establish a joint venture for the joint production of media content. The South Korean company hopes to distribute Hallyu (Korean culture wave) by using Discovery's entertainment channels.
KT said Monday that the joint venture would be set up later this year to broadcast programs jointly produced. Financial terms and the portion of share ownership were not disclosed. KT plans to distribute Hallyu content through Discovery's network channels and enhance competitiveness in the media environment by providing self-produced content.
KT operates eight entertainment channels. Discovery is a content media company that owns more than 20 channels and supplies content in 50 languages.
“With the establishment of a joint venture with Discovery, we will make a big difference in the domestic content market,” KT's customer and media division head Koo Hyun-mo said, vowing to strengthen its own contents production.