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GS Home Shopping Inc.

Rostelecom President Sergey Kalugin and GS Home Shopping Inc. (South Korea) CEO Huh Tae Soo signed a package of documents to set up the BUM-TV shopping channel in Moscow on 21 July 2015. The Rostelecom board of directors approved the main parameters of the transaction at a meeting on 30 June 2015, the company said in a report.

The parties have tentatively agreed to jointly invest USD 20 million in the establishment and development of the shopping channel and the infrastructure required for its production (USD 12 million by Rostelecom and USD 8 million by GS SHOP).

The transaction will involve the establishment of the operating company LLC BUM (60% owned by Rostelecom and 40% by GS SHOP), which will sell goods, and the broadcasting company LLC BUM-TV Television Company (80% owned by Rostelecom and 20% by GS SHOP), which will serve as the founder of the media outlet. The structure of the transaction is consistent with Russian legislation on the media.

BUM-TV will start broadcasting in early 2016.
 

20 July 2015
АК&М
Investor
8.0 mln
Moscow

Investor profile

GS Home Shopping Inc.

South Korea

Company's website: www.gsshop.com/index.gs

Public company

Contact: Tae-Soo Huh, President and CEO

GS Home Shopping Inc. is a major retailer in the Republic of Korea that includes a shopping channel, electronic and mobile commerce, catalogues and more. The company has a wealth of experience and knowhow in distance selling (marketing, merchandising, logistics, IT systems, broadcasting format). GS SHOP is among the top three major South Korean shopping channels with annual revenue of more than USD 1 billion. The company also has representative offices in China, Turkey, India, Thailand, Malaysia, Indonesia and Vietnam.

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