Chaebol, Press And Foreigners Can Start Satellite BroadcastingChaebol groups, newsmedia companies and foreigners can now take part in the satellite broadcasting business.
The Broadcasting Reform Committee(BRC) announced on February 11 that big business groups(chaebol), newsmedia companies, and foreigners can invest up to 33 percent in businesses which own satellites or in those companies which lease satellite broadcasting. They can also own up to 33 percent of companies which supply programs by renting channel frequencies from satellite owners or satellite leasing businesses.
Kang Won Ryong, Chaisman of BRC, said, 'As soon as the new broadcasting law is passed in the National Assembly, we will permit satellite broadcasting businesses.'
Officially, Korea does not have any Korean-owned satellite broadcasting although the government-owned KBS-2 channel is currently running trials on a limited basis. Several companies have waited in limbo, after investing untold millions, for a new broadcasting law which has been pending for several years.
This decision will trigger satellite broadcasting businesses that have been staggering due to the delay of a final decision. Korea Telecom, Dacom, and several newspaper companies are expected to resume efforts to form satellite broadcasting businesses in full scale.
The BRC also decided to split Social Education Broadcasting, for North Korean listeners, from International Broadcasting which provides programs for foreigners and Koreans in foreign countries.
These two broadcasters will be consigned to KBS along with Arirang TV which will be seperated from the International Friendship Association.
More in Features
[Post-Covid-19 New Normal] Freelance actors, performers take on their most challenging role yet
[Post-Covid-19 New Normal] Korea aims to maximize its newfound global popularity
[Zoom Korea] A hat called gat worn by kings and runway models alike
[Post-Covid-19 New Normal] No weddings and a funeral
Ex-Wonder Girl and extreme taekwondo practitioner have big plans for their future together