Press Releases

Source : Dow Jones

Fans Media Forms Joint Venture With SK Telecom


LONDON (Dow Jones)-Origo Partners Plc (OPP.LN), a private equity investor and strategic consultancy services company, announced Tuesday that its portfolio company Fans Media Ltd has established a joint-venture with SK Telecom (SKM) or SKT called SK FansLtd.
-SKT is recognized as an innovator in the global telecom industry.
-SKT offers an extensive portfolio of broadband and mobile value-added services and brands, including CyWorld, South Korea’s largest internet community, and CyWorld China, a well-established social network service or SNS and blogging site.
-SKT’s contribution to the joint-venture will be the CyWorld China business, as well as $12 million in cash, for which it will receive a 51% stake.
-Fans Media, on its part, will contribute all of its assets, including its main internet property, for a 49% interest in SK Fans.
-The amalgamation of the CyWorld and Fans Media businesses, and SKT’s investment, are subject to various closing conditions, including certain regulatory approvals.
-The transaction is expected to complete in July.
-Origo will maintain an indirect interest in SK Fans, through a combined preferred and common stock holding in Fans Media, equivalent to a converted interest of 14.3% in the outstanding share capital of that company.
-Shares at 0821 GMT stood at 29 pence.

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected]