Viacom International Media Networks and SBS Media Holdings announced an agreement to form a joint venture that will see localized Korean-language versions of MTV and Nickelodeon distributed as part of SBS Media Holdings’ bundle of cable and satellite television channels.
As part of the joint venture, MTV Korea will be co-branded as SBS-MTV and feature music and youth-oriented local and international programming from SBS Productions and MTV.
Nickelodeon Korea will become the first children’s channel to be offered as part of SBS Media Holdings' bundle of cable and satellite television channels, which currently includes SBS Golf, SBS Plus (Drama and Entertainment), SBS ESPN, SBS-CNBC and E! Entertainment Channel Korea.
The joint venture will be committed to producing original Korean-language music, entertainment and children's programming for the channels and for distribution across other Viacom-owned platforms within Asia and around the world.
The joint venture is to be owned 51% by SBS Media Holdings and 49% by Viacom International Media Networks. A new Chief Executive Officer will be named for the joint venture, and programming heads for both channels will also be appointed.
The announcement was made by Robert M. Bakish, President & CEO of Viacom International Media Networks, and Seongwan Hong, President & CEO of SBS Medianet.