FOCUS - REGIONAL PUBLICATIONS: Hachette forms Korean JV following legislative change

Consumer magazine publishing group, Hachette Filipacchi, and Next

Media of Korea have announced that they would form a joint venture,

Hachette Next Media, to develop a stable of consumer magazines in

Korea.

The joint venture will start publishing the existing Korean versions of

Hachette Filipacchi's magazines Elle and Premiere from January next

year.

Elle and Premiere have been published under licence agreements with a

subsidiary of Hankook Ilbo since 1992 and 1995 respectively.

Mr Lee Sang Woo has been appointed to the position of president and

chief operating officer of the joint venture, although he will continue

to oversee Next Media's publications: Sports Today and Financial

News.

Said Mr Lee: "The alliance with Hachette Filipacchi gives Next Media

access to a number of internationally famous magazine brands.

"The JV will combine international expertise and an in-depth knowledge

of the Korean market. Together, we can publish a number of quality

magazines targeting the needs of today's Korean consumers."

Christine Brendle, president and chief executive officer of Hachette

Filipacchi Asia-Pacific added: "Hachette Filipacchi Medias is delighted

to be able to fulfill its ambition in Korea alongside Next Media. The

evolution of the legislation with regards to foreign investment in the

print media means that we can play a more active role in the market. We

want to raise our profile further, as we have done successfully in many

other markets of the region since 1987."

It is widely anticipated that the co-operation between Hachette

Filipacchi and Next Media will not be limited to the print media but

will also attempt to harness opportunities in Korea's 'New Economy'.

Apart from magazines, Next Media also has interests in Network TV, a

cable broadcasting company specialising in entertainment shows, and Next

Media I, an entertainment website.