South Korean carrier SK Telecom said it plans to buy a 60 percent stake in YBM Seoul Records for $29.2 million. The deal will give YBM Seoul the right to distribute music content for SK Telecom both offline and online, including the carrier's music portal site Melon. SK Telecom will likely use the record label to seed content for its upcoming WiBro and satellite digital mobile broadcasting (DMB) wireless services. According to those familiar with the Korean market, SK Telecom has a history of seeding content for its new mobile services.
For more on the SK Telecom record label deal:
- read this article from the Digital Chosun and this blog entry