May 28, 2005

SK Telecom buys major music company

itsraining.jpg SK Telecom, Korea's largest mobile service provider, took over YBM Seoul Records, the largest record company in Korea, reports JoongAng Daily.

The company said yesterday that it invested 29.2 billion won ($29.1 million) to buy 60 percent of the shares of the record company. "We wanted to acquire a safe source for music content," an SK Telecom official said.

SK Telecom currently operates Melon, a music portal for mobile phones, and is also the leading shareholder in TU Media, the only company that is offering satellite digital multimedia broadcasting, or DMB, services. Satellite DMB services include audio, video and data content transmission.

The purchase was the most recent in a line of similar investments."

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