SK Telecom announced its plans to acquire the country's largest cable MSO, CJ Hellovision, taking CJ O Shopping's 30 percent stake in the entity for KRW 500 billion. CJ O Shopping's remaining stake (23.9%) in CJ Hellovision is to be acquired by SK Telecom at a later date through call and put options between SK Telecom and CJ O Shopping.
Upon acquisition of CJ O Shopping's stake in the cable operator, SK Telecom plans to push for the merger of SK Broadband and CJ Hellovision. Following the completion of the merger, SK Broadband will be backdoor listed through CJ Hellovision, a listed company, said the operator in a statement.
SK Telecom plans to set media as the main business of the merged entity and shape the company into the leading next-generation media platform player by offering diverse innovative/ground-breaking services based on cable TV - IPTV hybrid business models.
Hwang Keun-joo, Executive Vice President and Head of Strategic Planning Division at SK Telecom
SK Telecom's acquisition of stake in CJ Hellovision, the leading player in the media industry, is expected to contribute to the advancement and convergence of the broadcasting and network infrastructure, thereby generating synergies in the media business.
