January 02, 2009 09:05
Actor Bae Yong-joon and singer Park Jin-young, dubbed a star-maker, will reportedly cooperate on a world project, according to Sports Hankook on Thursday. The newspaper said that the two Korean entertainment stars had agreed on a secret plan to found a joint-corporation targeting overseas markets, including the U.S. and Japan. Bae and Park will each invest at least W50 million (US$1=W1,340).
Bae and Park plan to nurture entertainers with global potential based on their expertise. Bae Yong-joon, figurehead of the so-called "Korean Wave," has established a firm bridgehead for the Japanese entertainment market through BOFi, a Japanese affiliate to the KOSDAQ-listed KeyEast, in which he is the largest shareholder.
Meanwhile, Park Jin-Young secured a foothold in the U.S. market by launching JYP USA, the American division of JYP Entertainment, in New York in 2007.
Bae and Park are said to have each produced at least W50 billion worth of added value last year through creation of content. The industry expects their venture will generate at least W100 billion worth of additional added value, the daily reported.
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