South Korea's largest mobile service provider Wednesday announced it has taken a 42% stake in a Chinese music company, expanding its entertainment and content offerings.
SK Telecom (SKT) paid an undisclosed amount for 42.2% of Beijing Taihe & Rye Music, one of China's largest record companies, holding an equal stake with the label's parent company, Taihe Media.
The companies said they will develop content and products for Chinese mobile users, marketed by subsidiaries in China including Viatech. However, Chinese telecom regulations bar SKT from offering domestic mobile services. SKT owns approximately 6.6% of China Unicom, China's second-largest mobile services provider.
In Korea, SKT owns record label JYP Entertainment, which also Wednesday signed a memorandum of understanding with Taihe & Rye, and a record distributor, Seoul Records.
Taihe & Rye artists include Li Yuchun, the popular winner of the 2006 "Super Girls" singing contest, and Pu Shu, formerly on Warner Music.
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