The chief executive of South Korea’s No. 1 cable TV network operator CJ HelloVision said on Oct. 25 that the company would try to seek business growth via new mergers and acquisitions.
The company’s stock price has tumbled in recent months after its failed merger attempt with SK Broadband, a subsidiary of mobile network operator SK Telecom. On July 4, the nation’s antitrust watchdog disapproved the deal citing monopoly concerns of the merged entity.
Since then, its shares have suffered an almost 30 percent fall to be traded at 8,520 won as of Oct. 25.
CJ HelloVision CEO Byun Dong-sik
“CJHV has enough leverage to attract more cable TV subscribers in the current 23 coverage areas across the nation and it is also open to M&A,” said CJHV CEO Byun Dong-sik, at a press conference held in Seoul.
“What I can say today is CJHV has to find ways to sustain and further grow its business.”
The CEO returned to the firm in August after he served the top post between 2008 and 2013.
CJHV, a unit of retail and entertainment giant CJ Group, has expanded its presence through a number of M&A deals over the past decade. Sources say the company is currently gauging the profitability of acquiring D’LIVE, a cable TV operator formerly known as C&M, among others.
By Kim Young-won (firstname.lastname@example.org)