LG Uplus confirms plans to acquire majority stake in CJ Hello

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.