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LG Uplus to decide next week on purchasing No. 1 cable TV operator

Consumer Electronics 17:00 February 08, 2019

SEOUL, Feb. 8 (Yonhap) -- LG Uplus Corp., South Korea's smallest mobile operator, is expected to decide next week whether to buy CJ Hello, the country's No.1 cable TV operator, as part of a further push into the media business, sources said Friday.

According to the sources, LG Uplus will hold a board meeting next week to discuss whether to buy 54 percent of CJ Hello, which is owned by CJ E&M, a unit of food and entertainment conglomerate CJ.

The acquisition, worth 1 trillion won (US$890 million), could allow LG Uplus to become the country's No. 2 player in the pay TV market.

LG Uplus is currently the fourth-largest player in the country's pay TV sector, with an 11.41 percent share, while CJ Hello controls 13.02 percent.

SK Telecom Co. tried to buy CJ Hello in 2016, but the talks fell through due to regulatory hurdles.

LG Uplus to decide next week on purchasing No. 1 cable TV operator - 1

sam@yna.co.kr
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