The Korea Communications Commission (KCC) plans to promote new investments and mergers and acquisitions to develop the domestic broadcasting and communications industries.

In its policy briefing to President Lee Myung-bak Thursday, the commission said it will seek sweeping deregulations to allow large companies to advance into the broadcasting and communications markets and will permit cross ownership for news agencies and broadcasters.

The KCC also plans to increase competition in the advertisement market and boost the domestic telecommunications market.