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

<p>Consumer magazine publishing group, Hachette Filipacchi, and Next </p><p>Media of Korea have announced that they would form a joint venture, </p><p>Hachette Next Media, to develop a stable of consumer magazines in </p><p>Korea. </p><p><BR><BR> </p><p>The joint venture will start publishing the existing Korean versions of </p><p>Hachette Filipacchi's magazines Elle and Premiere from January next </p><p>year. </p><p><BR><BR> </p><p>Elle and Premiere have been published under licence agreements with a </p><p>subsidiary of Hankook Ilbo since 1992 and 1995 respectively. </p><p><BR><BR> </p><p>Mr Lee Sang Woo has been appointed to the position of president and </p><p>chief operating officer of the joint venture, although he will continue </p><p>to oversee Next Media's publications: Sports Today and Financial </p><p>News. </p><p><BR><BR> </p><p>Said Mr Lee: "The alliance with Hachette Filipacchi gives Next Media </p><p>access to a number of internationally famous magazine brands. </p><p><BR><BR> </p><p>"The JV will combine international expertise and an in-depth knowledge </p><p>of the Korean market. Together, we can publish a number of quality </p><p>magazines targeting the needs of today's Korean consumers." </p><p><BR><BR> </p><p>Christine Brendle, president and chief executive officer of Hachette </p><p>Filipacchi Asia-Pacific added: "Hachette Filipacchi Medias is delighted </p><p>to be able to fulfill its ambition in Korea alongside Next Media. The </p><p>evolution of the legislation with regards to foreign investment in the </p><p>print media means that we can play a more active role in the market. We </p><p>want to raise our profile further, as we have done successfully in many </p><p>other markets of the region since 1987." </p><p><BR><BR> </p><p>It is widely anticipated that the co-operation between Hachette </p><p>Filipacchi and Next Media will not be limited to the print media but </p><p>will also attempt to harness opportunities in Korea's 'New Economy'. </p><p><BR><BR> </p><p>Apart from magazines, Next Media also has interests in Network TV, a </p><p>cable broadcasting company specialising in entertainment shows, and Next </p><p>Media I, an entertainment website. </p><p><BR><BR> </p>