Hong Kong's AdSociety sets up Korean Web venture

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SEOUL - In a bid to capitalize on Korea's growing broadband and wireless markets, South Korea's LG Ad has set up a joint venture with Hong Kong-based online media rep AdSociety, to be called AdSociety Korea.

Korea already has 3 million broadband subscribers a year after starting service and is projected to have 10 million by late 2002.

"Many people also use their mobile phones for Internet access these days. Those two markets will grow so fast. We want some core competence there before some other players do," says an LG Ad spokesman.

On the other hand, the joint venture will give AdSociety access to LG Ad's clients in Korea, which include LG Electronics, Nike, Microsoft Corp. and Baskin Robbins.

South Korea is the seventh country for AdSociety, which is a subsidiary of Hong Kong's Pacific Century Cyber Works. LG Ad is taking 15 percent, while AdSociety is taking 85 percent of the new company.

Copyright December 2000, Crain Communications Inc.

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