The new 50-50 joint venture will be capitalized at $3.6m and will be called Phoenix Communications Inc. The president will be S. Kyu Hong and the vice president will selected from Dentsu personnel.
The decision to participate in a joint venture comes two weeks after Dentsu opened a sales office in South Korea. Prior to both these moves Dentsu has been involved in a number of business activities in South Korea. These include establishing Dentsu Young & Rubicam Korea Inc., a joint venture with investment from Oricom Young & Rubicam and Dentsu, as well as forming a technical tie-up with LG Ad, South Korea's fourth largest agency.
Copyright October 1996, Crain Communications Inc.