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Tving-Wave merger imminent… Birth of ‘Number 1 K OTT’
2024.05.21 17:52
The merger of Tving and Wave is expected to be completed within this month. The initial goal was the first quarter, but the deadline has been exceeded due to the delay in coordinating the details. The two companies have decided to quickly conduct negotiations and due diligence to speed up the signing of the main contract.
According to industry sources on the 21st, CJ ENM, the parent company of Tving, and SK Square, the parent company of Wave, are in the final stages of negotiations. The industry expects that the final contract will be signed this month at the earliest, or next month at the latest.
Once the merger is complete, the largest online video service (OTT) in Korea will be born. The plan is for the two companies to join forces to secure K-content supply capabilities encompassing terrestrial broadcasting, general programming, CJ ENM, KT Studio Genie, etc., and compete with Netflix.
https://n.news.naver.com/mnews/article/030/0003207767?sid=105
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