LG U+ CEO says carrier will lead the 5G media marketLG U+ CEO Ha Hyun-hwoi said the company will lead the 5G-based media content market through its proposed acquisition of a majority stake in local cable company CJ Hello during a shareholders’ meeting Friday.
The company submitted applications to the Ministry of Science and ICT as well as the Fair Trade Commission on Friday to seek their approval for the acquisition deal. The authorities will screen the deal and decide if it is fair to market competition and in the public interest.
Three years ago, SK Telecom’s attempt to purchase CJ Hello, then CJ HelloVision, was barred on the grounds it hurt fair competition.
An LG U+ spokesperson, however, said it is expecting a positive decision.
By Kim Jee-hee