Ustream Korea, a joint venture recently formed between Korea’s KT Corporation and Japan’s Softbank-owned Ustream Asia, is setting up a legal entity and is expected to launch its services in March. This move is part of KT Corp’s strategy to meet the present converging business environment by developing various new businesses combining new media and contents, such as Ustream Korea, a LIVE interactive video streaming website. Earlier this month, the Korean company appointed Jimmy Kim, ex-Vice President of Content Distribution, Viacom International Media Network(VIMN), as the CEO of Ustream Korea. Kim is a global media distribution expert with a wealth of experience in new media business development in Asia.