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LG Uplus seeks government's approval for CJ Hello acquisition

Friday 15 March 2019 | 13:41 CET | News
South Korean operator LG Uplus is seeking approval from the government to purchase a majority stake in cable TV operator CJ Hello, Yonhap news agency reports. The Ministry of Science and ICT will review whether LG Uplus’ plans move to become the largest shareholder of CJ Hello is in accordance with telecoms and fair trade laws. 

LG Uplus’ board recently approved the purchase of a 50 percent plus one share stake in CJ Hello from CJ ENM for KRW 800 billion (approximately USD 711 million). "The government will push forward the evaluation process in accordance with related ordinances of telecommunication and telecommunication business acts and other laws", the ministry said. 

The ministry said it will take up to three months to review the application with the cooperation of the Fair Trade Commission (FTC).



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Categories: Broadcast & Satellite
Companies: LG Uplus
Countries: Korea, Republic of
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