이 기사는 2021년 07월 13일 07:52 thebell 에 표출된 기사입니다.

Hyundai Media, which was expected to be acquired by KT Skylife, will be purchased by KT Studio Genie, putting an end to its vertical integration of media affiliates.

KT said in its regulatory filing on Thursday that its board of directors has approved for KT Studio Genie, instead of KT Skylife, to take over Hyundai Media. KT Studio Genie plans to purchase 100% of Hyundai Media on July 30.

KT Skylife planned to take over Hyundai Media along with Hyundai HCN, aiming to increase its share in the pay TV market and to increase the production of original contents by utilizing cash flow generated by Hyundai Media.

KT seemed to distance itself from the acquisition, but later expressed the need for a program provider when it established its wholly-owned subsidiary KT Studio Genie earlier this year. KT has believed that KT Studio Genie will be able to build its own ecosystem by airing its own drama series and films not only on its own over-the-top (OTT) platform Seezn but also on television channels.

After changing the subject of the acquisition of Hyundai Media, KT has completed the value chain consisting of web comic unit Storywiz, which is the source of intellectual properties, video content creator KT Studio Genie, OTT platform Seezn, and program provider Hyundai Media. It can also build a virtuous cycle by reinvesting profits from its platforms and broadcasting channels back into contents.

KT Skylife's labor union, which warned of accusations of breach of trust by the company’s management, has accepted the change in the subject of the acquisition. It is said that KT sent a letter to the KT Skylife management and labor union, saying that it would not discriminate between Hyundai Media and Skylife TV when setting up policies on investment and channel programming. (Reporting by Pil-woo Choi)