This undated image, provided by KT Corp., shows its logo. (KT Corp.)
KT Corp., a major South Korean telecom operator, said Thursday it will launch a content production company to serve as the company's overarching control tower for its growing media businesses.
The mobile carrier said KT Studio Genie will oversee planning and distribution of media content developed by its range of media services, from its video streaming platform Seezn to internet protocol Olleh TV.
KT added that it also plans to develop original content based on works from its webcomic unit Storywiz Co., launched last year, and by collaborating with other local production companies.
Last year, Storywiz said it would spend 10 billion won ($9 million) on content creation.
The move comes as South Korean media and entertainment companies have recently consolidated their businesses and formed partnerships to create synergy.
Content production company Kakao M, under the country's top messenger operator Kakao Corp., decided earlier this week to merge with webcomic platform operator Kakao Page, while top portal operator Naver Corp. signed a share-swap deal worth 600 billion won with entertainment and logistics giant CJ Group last year. (Yonhap)