Yonhap News Agency’s new cable news channel today reached an agreement with a state foundation for cultural exchange over development of cultural contents. The channel, tentatively named “Yonhap News Television,” and the Korea Foundation for International Culture Exchange agreed to cooperate on research for developing broadcasting contents that promote global values of South Korean culture, the signees said. The two sides will also work together toward building an Asian network to jointly distribute developed contents.
The signees also said they would cooperate with each other in expanding the base for “Hallyu,” or the “Korean Wave,” a term referring to the international popularity of Korean pop culture.
Yonhap, South Korea’s key news service, received final government approval for the cable news channel on March 30, after winning the license in an open bidding process supervised by the Korea Communications Commission (KCC) last December. Yonhap plans to start the news channel in October. Park Jung-chan, Yonhap’s president and CEO, will also double as president and CEO of the television arm.