LG Uplus to acquire 54% stake in CJ Hello for KRW 800 bln

News General Korea, Republic of 14 FEB 2019
LG Uplus to acquire 54% stake in CJ Hello for KRW 800 bln
South Korean operator LG Uplus announced that it will acquire cable TV operator CJ Hello to boost its presence in the media and content market. LG Uplus held a board meeting to approve the purchase of CJ E&M's 54 percent stake in CJ Hello, a deal worth around KRW 800 billion (approximately USD 711 million). The stake acquisition will be confirmed in a shareholder meeting to be held in March and needs approval from the Fair Trade Commission (FTC). 

Following the completion of CJ Hello's acquisition, LG Uplus is expected to become South Korea’s second-largest pay-TV operator, with an estimated market share of 24.4 percent Yonhap news agency reports. The cable content will add to LG's existing IPTV services. 

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