The Korea Communications Commission on Monday conditionally approved a merger between SK Telecom’s pay TV unit, SK Broadband, and T-broad, the country’s No. 2 cable TV operator.
Huh Wook, the vice chairman of the KCC, speaks during a briefing held at the KCC, Monday. (KCC)
After its meeting on Monday, the KCC announced that it had approved the merger under 14 conditions and three suggestions, which will require the company to protect users’ rights and serve the public interest.
The KCC will deliver the results of its review to the ICT Ministry, which is expected to issue a final approval within a week or two, according to industry sources.
SK Telecom, the parent company of SK Broadband, is currently aiming to wrap up the merger by April 1 this year. After receiving the final call from the ICT Ministry, the company will have to report to the Financial Supervisory Service and hold board meetings before completing the financial transactions.
If the 4.7 trillion won ($4 billion) merger goes ahead, SK Broadband is expected to end up with 8 million subscribers and a share of about 24 percent of the pay TV market here.
By Shim Woo-hyun (email@example.com)