SK Telecom names spinoff entity SK Planet

SK Telecom Co., South Korea's largest mobile carrier, said Thursday that SK Planet will be the name for its new business entity that will be separated from the mobile operator next month. SK Telecom's board approved last month the plan to spin off its platform business, which encompasses its mobile applications business, mobile software and mobile commerce. SK Planet will be launched as a wholly owned unit of SK Telecom on Oct. 1, tasked with various mobile services. The spinoff is expected to facilitate fast decision making and allow the company to quickly respond to the wireless market, SK Telecom said.