SOUTH KOREA BROADBAND COMPANY KT BUYS INTERNET AD COMPANY NASMEDIA
December 15th 2007 06:16
KT, South Korea's largest broadband service provider, entered the fast-growing online ad market on Thursday, with its acquisition of NasMedia, the country's leading internet ad company, according to a report in the Korea Herald.
KT purchased a 50 percent plus one share of NasMedia for 26 billion won (US$28.2 million.)
The Korea Herald said the deal also paves the way for the fixed-line carrier to make inroads into the nascent broadband advertising market based on its web-based television, IPTV, and high-speed wireless communication standard, Wimax.
"The acquisition of Nasmedia is part of KT's efforts to transform itself from a telecommunications company into a media and entertainment company," Lee Ok-gi, a KT official, said.
Nasmedia, which supplies display ads for major portals such as Naver.com and Daum.com, is expected to see 80 billion won in billing in 2007. Doubleclick Korea changed its name to Nasmedia in 2002 when Kenny Chung took the helm of the company.
KT it has 44.5 percent of the South Korean market, or 6.52 million subscribers.
- From MediaBlab
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