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CJ Hellovision, SK Broadband push for merger

Korea’s CJ Hellovision and SK Broadband have reportedly responded to Korean regulators in the wake of their proposed merger being put on ice over antitrust concerns.

Cable channel operator CJ Hellovision is part of the wider CJ Corporation, and SK Telecom had agreed to take a 30% stake in the business with an option to take a larger stake thereafter.

South Korea’s Fair Trade Commission, however, subsequently blocked the deal after a long period of evaluation on the grounds that the mooted SK-CJ Hellovision deal would create a dominant player.

The pair have now reacted to the antitrust body and submitted a report rebuffing its concerns, according to local press.

The details of the report were not made public, and it was not clear whether the local media watchdog would reevaluate its decision in light of new evidence.

CJ and SK rivals including Korea Telecom opposed the proposed tie-up.