LG Uplus held a board meeting on February 14 and announced that it had decided to take over CJ Hello, the No. 1 cable TV operator owned by CJ ENM.
LG Uplus will buy 50 percent and one share of CJ Hello`s 53.92 percent of stake. The price is 800 billion won.
CJ Hello has 4.2 million cable TV subscribers, 780,000 high-speed Internet subscribers, and 790,000 phone subscribers.
LG Uplus is planning to lead the 5G era while securing competitive edge in the rapidly changing broadcasting market by acquiring CJ Hello shares and finding synergy.
LG Uplus said that it is planning to enhance the quality of life of the people by providing diverse convergence services to existing broadcasting services and AR/VR services based on 5G.
"We are going to play a leading role in convergence of broadcasting and communication services through acquisition of CJ Hello and promote competition for services in the stagnant broadcasting and communication service market to lead the 5G era," said Lee Hyuk-joo, vice president of CFO at LG Uplus.
