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(LEAD) SK Telecom inks joint venture agreement with Sinclair Broadcast Group

All News 16:53 January 08, 2019

(ATTN: CHANGES photo; ADDS more info in paras 6, 8)

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 commercialize ATSC 3.0 standard-based broadcasting solutions for the first time in the U.S. market within this year, 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).

The company further plans to seek other opportunities globally based the successful launch in the U.S. market, officials said.

This photo, provided by SK Telecom, South Korea's No. 1 mobile operator, on Jan. 8, 2019, shows the company's CEO, Park Jung-ho (L), and Chris Ripley, President and CEO of Sinclair. (Yonhap)


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