Hyundai Sells HBS to Kukmin Ilbo Subsidiary

Hyundai Group announced Thursday that it has sold its affiliate Hyundai Broadcasting System (HBS) to the Next Media Corporation, a subsidiary of Kukmin Ilbo.
The Korean conglomerate, which stopped participating in the management of Munhwa Ilbo last year, totally withdrew from the mass communication business by selling off cable TV broadcasting company HBS.
The conglomerate will reduce the number of its affiliates through the sale of HBS and the separation of Chippac Korea from the Hyundai group, scheduled for October 1.
Hyundai plans to slim down with the shake-off of an additional 18 affiliates by the end of the year in order to become a group made up of 5 small business companies focusing on automobiles, construction, electronics, heavy industries, and finance.
Seo Jang-soo:jsbee@joongang.co.kr