Korean entertainment company Sidus Corp. has made an investment valued at $20 million in ImaginAsian Entertainment, which runs ImaginAsian TV, a cable channel targeting Asian viewers in the U.S.
The deal gives ImaginAsian capital to expand its operations, as well as exclusive Korean content from Sidus.
Sidus gets an undisclosed stake in ImaginAsian, as well as an outlet for its programming in the U.S.
“We have long admired ImaginAsian Entertainment’s achievements and standing in the highly competitive U.S. entertainment market,” said Jay Bin Song, vice chairman of Sidus Corp. “Through this agreement Sidus’ many entertainment properties will now have the opportunity to receive the deserved attention of consumers across America.”
“Sidus has been the gold standard for the development and production of Korean entertainment for more than a decade,” said Augustine S.C. Hong, chairman of ImaginAsian Entertainment. “We are excited about both the immediate and long-term possibilities that our new partnership with Sidus brings.”
(Editor: Romanelli)
Correction made at 7:40 a.m. PST in Hong’s name.