Seoul - Fox International Channels' (FIC) new subsidiary Fox Ventures Korea, slated for launch July 2008, is to target that market's rapidly growing new media business.

Digital video-on-demand, an Internet advertising agency, new-media channels, digital games rentals, interactive service supply and theatrical movie distribution are among the services expected from the new entity.

But, according to Joon Lee, general manager, internal discussions are still underway as to Fox Ventures Korea's ownership. The management structure and reporting line will be the same as "other FIC branches everywhere" but the exact launch date is still unknown, "hopefully soon" said Lee.

FIC has an existing joint venture with local partners CJ Media and TBroad for the distribution of 4 channels: National Geographic Channel, Fox, FX and Foxlife.

Lee says the new venture should not impact the JV arrangement, "We just needed a wholly owned entity as all we had were JV offices. We have a regional sales unit and non linear sales unit in Korea working in JV offices. It was just a time for us to put them together as current JVs aren't supposed to carry those tasks."

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