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Domestic OTT Platforms Tving, Wavve Sign Merger MOU

Written: 2023-12-05 14:12:27Updated: 2023-12-05 14:23:42

Domestic OTT Platforms Tving, Wavve Sign Merger MOU

Photo : YONHAP News

CJ ENM’s over-the-top(OTT) platform Tving and SK Square’s Wavve announced on Tuesday that they inked a preliminary merger agreement.

Both sides confirmed they signed the memorandum of understanding between the shareholders after discussions on strengthening OTT competitiveness, but added that details cannot be revealed at this time.

Currently, CJ ENM holds a 48-point-85-percent stake in Tving, while SK Square holds a 40-point-five-percent stake in Wavve.

While the merger ratio is yet to be confirmed, CJ ENM will reportedly become the largest shareholder just ahead of SK Square.

The merger of the two platforms will result in a monthly active user rate of up to nine-point-three million, making it the largest domestic OTT platform, but below Netflix at eleven-point-four million users in South Korea.

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