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.
