(LEAD) TVing and Seezn merge to become South Korea’s largest streaming platform
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SEOUL, July 14 (Yonhap) — South Korean streaming services Tving and Seezn will merge into a single platform to become the nation’s largest content streaming provider, the companies announced Thursday.
KT Studio Genie, the media production unit of telecom operator KT Corp., said in a regulatory filing that it has reached an agreement with CJ ENM Co., the controlling shareholder of TVing Co., to merge the two services.
The decision was made to “enhance the competitiveness of the over-the-top (OTT) platform within the domestic media and content industry, and accelerate the growth of K content,” KT said. Studio Genius.
TVing also confirmed the deal in a separate regulatory filing. According to the agreement, Seezn will be absorbed by TVing. South Korean entertainment giant CJ ENM owns a 57% stake in TVing, which was spun off in October 2020 and operates as a separate entity.
Industry watchers have widely anticipated the merger deal, especially after CJ ENM and KT Studio Genie agreed to cooperate across a range of entertainment areas earlier this year. CJ also invested about 100 billion won ($76 million) in KT’s production unit in March.
When complete, the merger will create South Korea’s largest domestic OTT service provider with more than 5 million total subscribers, surpassing that of the country’s current largest platform, Wavve, with 4.23 million . US streaming giant Netflix Inc. has some 11.2 million subscribers in South Korea.
Tving CEO Yang Ji-eul said the company aims to become the world’s No. 1 K content platform by utilizing “the two companies’ content production infrastructure and communication technology”.