VIACOM INTERNATIONAL MEDIA NETWORKS AND SBS MEDIA HOLDINGS TO FORM JOINT VENTURE IN KOREA
MTV AND NICKELODEON BRING WORLD-CLASS MUSIC AND KIDS OFFERINGS TO SBS MEDIA GROUP
Seoul/Singapore, 29 September 2011 – Viacom International Media Networks, a division of Viacom Inc (NYSE: VIA and VIA.B) and SBS Media Holdings today 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. Today’s announcement was made by Robert M. Bakish, President & CEO of Viacom International Media Networks, and Mr. Seongwan Hong, President & CEO of SBS Medianet.
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. Full programming details for both SBS-MTV and Nickelodeon will be announced at a date closer to the channels’ December launch.
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. Throughout its ten-plus years in the market, MTV Korea has been at the forefront of producing and exporting Korean music programming content, and has given local pop artists exposure across the half-billion homes receiving MTV internationally. Nickelodeon’s global content has been adapted for local audiences, and its investment in original programming has included ME:TV, Dance Battle, and local segments for the Korean telecast of the Nickelodeon Kids’ Choice Awards.
Mr. Bakish commented, “Viacom’s long history in international media markets has taught us that a local partner can be key to our success. With SBS Media Holdings we have the ideal Korean partner – a leader in the local media industry that understands the brand strengths of MTV and Nickelodeon. Together, we are well positioned to take our businesses to the next level and further our foothold in Asia’s third largest media market.”
Mr. Hong added, “We are very excited about entering into this joint venture as it enhances our offering to Korean viewers by introducing two of the worlds’ leading youth brands into SBS Media Holdings. SBS-MTV and Nickelodeon are bound to be welcome additions to millions of Korean television homes, and Viacom and SBS’ strengths will create an ideal offering for affiliates, advertisers and viewers alike.”
SBS Media Holdings will manage advertising and affiliate sales and represent consumer products for both networks, while Viacom International Media Networks will represent the joint venture outside of Korea for international programme sales and consumer products of the programming and intellectual property generated by the joint venture.
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. All existing permanent, full-time MTV Korea and Nickelodeon Korea staff will be retained by the joint venture.
MTV is the world’s premier youth brand and first debuted as a 24-hour channel in Korea in 2001. With a global reach of more than a half-billion households, MTV is the cultural home of the millennial generation, music fans and artists, and a pioneer in creating innovative programming for young people. Popular MTV programming includes music series MTV Unplugged, MTV World Stage, K-Pop focused Seoul Sunday, reality series Jersey Shore, and long-form scripted series Awkward. and My Life As Liz.
Nickelodeon is one of the most globally recognized and widely distributed multimedia entertainment brands for kids and families. It has built a diverse, global business by putting kids first in everything it does. The company’s portfolio includes television programming and production around the world, plus special events, consumer products, digital offerings, recreation, books, feature films and pro-social initiatives. Nickelodeon’s rich and varied programming includes everything from live action comedies like iCarly, Big Time Rush and VicTORIous, to global animation hits such as SpongeBob SquarePants and The Penguins of Madagascar, to innovative curriculum-based preschool properties like Dora the Explorer and Team Umizoomi. Nickelodeon’s brands are seen globally in more than a half-billion households in 112 countries via 47 locally programmed channels and syndication. Nickelodeon has invested more than US$150 million in the Korean animation industry with series such as SpongeBob SquarePants, Dora the Explorer and Avatar, which are produced in Korea.
About Viacom International Media Networks:
Viacom International Media Networks (VIMN), a unit of Viacom Inc. (NYSE: VIA, VIA.B), is comprised of many of the world’s most popular multimedia entertainment brands, including MTV, Nickelodeon, Comedy Central, BET, non-premium Paramount branded channels, VH1, VIVA, MTVNHD, Tr3s: MTV, Música y Más , TMF (The Music Factory), COLORS and Game One.
About SBS
SBS, the only private, nationwide terrestrial television broadcaster in South Korea, was established in 1990 and has since successfully cemented its position as Korea’s “Media Industry Innovator”. In 2008, in response to paradigm shifts in Korean media, the company adopted a holdings company structure. This new governance structure effectively enables SBS to administer various lines of business, such as SBS’ terrestrial channel, pay channels, content production, and content distribution, while enhancing the competitiveness of SBS’ content and upholding responsibility in management.
Since its founding, SBS has been at the forefront of innovation, having been the first network in Korea to introduce HD broadcasts. Further, SBS has consistently maintained superior ratings across various genres such as news, drama, events and sports. In order to strengthen the competitiveness of SBS’ sports programming, SBS acquired the exclusive broadcasting rights to the Olympics Games and the World Cup. Globally, SBS has strategic partnerships with NTV (Japan), BTV (China), SMEG (China), TF1 (France), TVB (Hong Kong), GTV (Taiwan) and HTV (Vietnam) and operates international bureaus in Washington D.C., New York, Los Angeles, Tokyo, Beijing, Paris and Cairo.
In addition to SBS, the terrestrial channel, the SBS Media Group operates several pay channels- SBS Golf, SBS Plus (Drama and Entertainment), SBS ESPN, SBS-CNBC and E! Entertainment Channel Korea, each recognized as a leader in its genre.
For more information, please contact:
Omar Gepiga
Viacom International Media Networks
Email: omar.gepiga@mtv-asia.com
Phone: +65 8198 0230
Hyunjung Lee
SBS Media Holdings
Email: hyunjung.lee@sbs.co.kr
Phone: +82 2 2113 5457