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Latest Satellite News Discussion, Korean buy strengthens CJ Group at General Satellite News forum; Korean buy strengthens CJ Group Rose Major 03-01-2010 The acquisition of a controlling stake in Koreas OnMedia Corp by conglomerate ...

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Thumbs up Korean buy strengthens CJ Group - 03-January-2010, 16:20

Korean buy strengthens CJ Group
Rose Major
03-01-2010

The acquisition of a controlling stake in Koreas OnMedia Corp by conglomerate CJ Group, will create a Korean pay-TV powerhouse with 18 channels in over 3 million homes.

CJ Group has bought a 55.2% stake in OnMedia from shareholders including HSBC and Orion Corp. CJ O Shopping, one of CJ Groups many units, is the entity into which the stake has been placed, with reports quoting the units president Lee Hae-sun as saying the takeover is part of efforts to piece together media and shopping services.

The deal must get approval from the countrys Fair Trade Commission which will announce its decision mid-year.

One of the stumbling blocks to the deals approval could be the high audiences for the combined groups channels. Together, the companies channels account for some 27% of cable viewing. Popular channels include OnMedias movie service OCN, lifestyle channel OnStyle and gaming service Ongamenet, while CJ Groups CJ Media unit operates channels including CGV and Mnet.



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