KT bails on acquisition of cable network operator D'Live

A sign at a KT branch in Seoul in August [YONHAP]

KT is not acquiring D’Live, a cable network operator, the telecommunications company said Friday.

“We reviewed the acquisition of D’Live to strengthen our competitiveness in the paid content business, but decided not to go through with it,” the second largest telecom company said in a regulatory filing.

KT reviewed the deal in 2019 and submitted an intent of acquisition in 2020, according to local media reports.

The industry had been expecting KT to step back from the deal after KT Skylife acquired Hyundai HCN in September 2021. HCN is a managed service provider, which provides a range of IT services and manages them for their clients.

KT affiliates accounted for 35.65 percent of the paid content market as of the first half of last year.

BY JIN MIN-JI [jin.minji@joongang.co.kr]