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SK Telecom inks joint venture agreement with Sinclair Broadcast Group

All Headlines 16:04 January 08, 2019

SEOUL, Jan. 8 (Yonhap) -- SK Telecom, South Korea's No. 1 mobile operator, said Tuesday that it has signed an agreement with American broadcasting firm Sinclair Broadcast Group to establish a joint venture company.

The agreement, made during the ongoing annual Consumer Electronics Show in Las Vegas, is aimed at allowing the partners to lead the next-generation broadcasting solutions market in the United States, SK Telecom said.

The two companies will fund and manage a joint venture company within the first quarter of the year by each investing US$16.5 million, officials said.

The new venture will develop broadcasting solutions based on the latest version of the Advanced Television Systems Committee (ATSC) standard called ATSC 3.0.

ATSC 3.0 enables faster communications in broadcasting bands and enables new services, including personalized advertisements. It, moreover, permits multichannel broadcasting via more signals and formats, and makes two-way communication between broadcasters and users possible.

The companies aim to provide ATSC 3.0 standard-based broadcasting solutions to all U.S. broadcasting companies, SK Telecom said.

SK Telecom expects all television broadcasting stations throughout the United States to adopt ATSC 3.0 within the next 10 years, with the overall market to reach around 20 trillion won ($17.79 billion).

SK Telecom's main office in downtown Seoul (Yonhap)

khj@yna.co.kr
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