CJ HelloVision asks watchdog to postpone decision on M&A with SK Broadband

[THE INVESTOR] Cable TV operator CJ HelloVision has sought the antitrust regulator’s permission to delay a meeting for deciding on its planned merger and acquisition deal with SK Broadband, a local IPTV firm.

To that end, it also said it would like to delay submitting a report on the matter. 

“We have asked the Fair Trade Commission to postpone its July 15 standing committee meeting by a month, and the report deadline to Aug. 4,” CJ HelloVision said in a statement, stressing that the schedule is too tight for the firm to prepare the report.

Originally, both CJ and SK Telecom -- the parent firm of SK Broadband -- were to issue reports to the FTC by July 11 in response to the watchdog’s preliminary decision last week to oppose the M&A on the grounds that it could hamper fair market competition.

On July 15, the watchdog was to hold a standing committee meeting where it could reach a conclusion on the deal.

If the FTC OKs the deal, the issue will be forwarded to the Science Ministry for final approval.

By Kim Young-won (wone0102@heraldcorp.com)