[Asia Economy Reporter Koo Chae-eun] The 'second big deal' in the pay-TV market has begun, with all three major telecom companies jumping into the Hyundai HCN acquisition bid starting today.
According to industry sources on the 15th, all three telecom companies, including their affiliates?LG Uplus, SK Broadband, and KT Skylife?participated in the Hyundai HCN sale bid that closed at 2 p.m. that day. The CEOs of SK Telecom, KT, and LG Uplus announced their intention to participate in the bid during a press meeting before attending a meeting with the Minister of Science and ICT at the Government Seoul Office.
Ha Hyun-hoe, Vice Chairman of LG Uplus, said, "After reviewing the matter, we concluded to participate." KT CEO Koo Hyun-mo stated, "Acquiring Hyundai HCN will help with operations in urban areas," and SK Telecom CEO Park Jung-ho said, "We believe the acquisition will increase our scale and be beneficial, so we will participate rationally."
Initially, there was speculation that LG Uplus would not participate in the main bid due to a lack of funds after acquiring industry leader HelloVision last year. However, all three telecom companies appear to have joined to expand regional coverage in areas such as Seocho and Dongjak in Seoul, Busan, and Daegu secured by Hyundai HCN. Hyundai HCN is expected to select and notify the preferred bidder around the 24th of this month.
Whoever acquires Hyundai HCN is expected to cause a significant shift in the pay-TV market share rankings among the three telecom companies. The current pay-TV market share is ▲KT (including KT Skylife) 31.31% ▲LG Uplus (including LG HelloVision) 24.72% ▲SK Broadband (including T-Broad) 24.03% ▲D'Live 6.1% ▲CMB 4.7% ▲Hyundai HCN 4.1%.
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