The second-largest domestic over-the-top (OTT) service, Tving, and the fourth-largest, Wave, are accelerating their merger.
CJ ENM, the largest shareholder of Tving, recently noted on the 16th that it has dispatched the chief financial officer (CFO) of Tving to Wave before the transfer.
In light of the anticipated merger between Tving and Wave, Tving is enhancing its financial influence over Wave and is closely examining the corporate structure to expedite the merger.
In December of last year, CJ ENM, the largest shareholder of Tving, and SK Square, the largest shareholder of Wave, exchanged a memorandum of understanding (MOU) for the merger of Tving and Wave; however, the merger has not yet been finalized due to the inability to obtain the consent of KT, a major shareholder of Tving.
Subsequently, CJ ENM and SK Square initiated an investment worth about 250 billion won for business integration, reigniting hope for the merger. However, the fact that KT Studio Genie, a subsidiary of KT holding approximately 13% of Tving's equity, has not yet disclosed its position is noted as a variable.