LG Uplus confirms plans to acquire majority stake in CJ Hello

15 Feb 2019

South Korean multi-service operator LG Uplus has announced it plans to acquire a majority stake in CJ HelloVision, the country’s largest cable TV provider, with a view to enhancing its presence in the media and content market. According to Yonhap News Agency, LG Uplus’ board this week approved the proposed purchase of CJ E&M’s 54% stake in CJ HelloVision in a deal worth an estimated KRW800 billion (USD712 million). It is understood that the stake acquisition will be confirmed in a shareholder meeting next month, while the deal will then require approval from local watchdog the Fair Trade Commission (FTC), which will have 120 days to consider the deal.

South Korea, LG HelloVision (formerly CJ HelloVision), LG Uplus