Sidus HQ, SK Telecom establish China agency
Beijing Sidus HQ opened last week with a $2.2 million initial investment, with 51% coming from Sidus HQ and 49% from SK Telecom China, though spokesmen for both companies said that SK Telecom is "mostly operating" the new venture.
Beijing Sidus HQ will represent both Korean talent in China and Chinese talent, though representatives said they were not ready to announce any names yet. In addition, the company will be involved in film and television production and new media content aggregation.
SK Telecom, Korea's largest wireless operator, owns iHQ, the media company behind Sidus HQ as well as several other entertainment companies in Korea.
In addition, the company bought a 6.7% stake in telco China Unicom for $1 billion last year.
Many Korean entertainment companies have made major investments in China in recent years, including multiplex deals by CJ Entertainment, Mediaplex and MK Pictures.