TU Media Corporation Secures $40 Million in New Investment
Strategic investment furthers expansion of an emerging Global Mobile TV Services and technologies company.
EchoStar Asia Holdings Corporation, a subsidiary of EchoStar Communications Corporation, recently announced it has invested $40 million in TU Media Corp., South Korea's only operator of satellite digital multimedia broadcasting (S-DMB) services with more than one million subscribers. As a result of this transaction, EchoStar becomes the second largest shareholder of TU Media Corp. SK Telecom, Co. LTD, a leading mobile operator in Korea, remains the largest shareholder of TU Media Corp.
“We are pleased to partner with TU Media Corp., a pioneer in satellite digital multimedia broadcasting, and we see a bright future ahead for their business,” said Steve Schaver, President, EchoStar International. “Linked together, TU Media Corp., SK Telecom, and EchoStar can accelerate the adoption of mobile video.”
“Strong financial backing from leading providers of satellite-delivered digital television such as EchoStar will allow TU Media Corp. to maintain a competitive advantage in mobile broadcasting services,” said Ki-Han Park, Vice President of TU Media Corp. “Our strategic partnerships afford us the opportunity to pursue cutting edge and innovative solutions that will define the next generation of mobile entertainment, and we look forward to working with EchoStar and SK Telecom to further expand our mobile video business in Korea and worldwide.”
“SK Telecom is proud of the progress delivered by TU Media Corp., as the milestone of one million subscribers is a significant achievement,” said Shin Cho, Senior Vice President of SK Telecom. “We look forward to working closely with EchoStar as a strategic partner, whose more than 13 million subscribers demonstrate a firm commitment on behalf of the company to provide consumers with the best value and choice in programming.”
TU Media Corp. is South Korea's first mobile broadcast service company headquartered in Seoul, South Korea. TU Media is the only corporation in Korea that has received permission from the government to provide services for satellite DMB (Digital Multi-media Broadcasting). TU Media started commercial DMB service on May 1, 2005 and passed 1-million satellite mobile TV customers milestone in 2006. TU Media currently offers 15 video channels and 19 audio channels. SK Telecom is largest shareholder of TU Media.
For more information please visit www.tu4u.com