Merger of streaming services Tving and Seezn finished

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Merger of streaming services Tving and Seezn finished

The merger between Tving and Seezn streaming services was completed Thursday and integration of the two companies will be complete before Dec. 31.
Starting that day, Seezn will shut down and all of its 700 series and movies will be offered on Tving. 
The merger was first announced in July, 


Tving kicked off a marketing event Thursday to bring Seezn users to its service, offering gifts to people who register with Tving. Seezn users can join the Tving service with their previous subscription plans paid for through KT.
Before the merger, Seezn was wholly owned by KT Studio Genie and Tving was 57 percent owned by CJ ENM. After the companies announced the merger on July 14, Seezn was merged into Tving at a ratio of 1 to 1.5737519.
With the completion of the merger, KT Studio Genie became the third largest shareholder of Tving. CJ ENM is the largest shareholder, followed by Studio Lululala.
With the addition of Seezn subscribers, Tving will become the second-largest video streaming service in Korea.
Tving ranked third in the local video streaming service market with a 13.07 percent share from January to September, according to the Fair Trade Commission. Netflix topped the list with 38.22 percent, and Wavve came in second with 14.37 percent. Coupang Play ranked fourth and Disney+ fifth, while KT’s Seezn came in sixth, claiming 4.98 percent.
Tving and Seezn together have a combined market share of 18.05 percent, beating Wavve.

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