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Biz News Korea(Eng)
CJ HelloVision buys Hana Broadcasting to dominate southern air
- Collected
- 2016.12.07
- Distributed
- 2016.12.09
- Source
- Go Direct
It is the cable TV arm of CJ Group’s second acquisition after it bought out Gangwon Broadcasting in 2014. CJ HelloVision has been trying to survive on its own after its planned merger with a unit of wireless carrier SK Telecom was vetoed by the government antitrust authority in July on concerns of monopolizing the cable and wireless broadcasting.
Hana Broadcasting, covering southern coastal areas including Changwon, Tongyeong, Geoje, and Goseong County, provides high-speed internet service and internet phone service, as well as the digital cable service. The acquisition will secure, CJ HelloVision, which already operates in 23 regions out of 78 across the country, cable TV dominance in South Gyeongsang province.
The local cable TV industry has been struggling amidst fierce competition with cheaper IP TV in the paid broadcasting market. “We hope to overcome our challenges through exploration of new ventures backed by our advantageous economies of scale,” said CJ HelloVision CEO Byeon Dong-sik.
At 01:49 p.m. Wednesday, shares of CJ HelloVision rose 5.09 percent or 460 won to 9,490 won in Seoul trading.
By Lim Sung-hyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]