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South Korean streaming giants Tving, Wavve to merge in Netflix challenge

( November 28, 2024, 03:07 GMT | Official Statement) -- MLex Summary: South Korean media giants CJ ENM and SK Square are investing a combined 250 billion won ($179.2 million) in the video streaming platform Wavve, setting the stage for a merger between Wavve and Tving, the country's third and first-ranked domestic streaming services. The strategic investment, split between SK Square's 150 billion won and CJ ENM's 100 billion won, comes through convertible bonds and will primarily be used to address Wavve's maturing debt while improving its financial structure. The deal, which would consolidate operations under CJ ENM, aims to create a stronger local competitor to Netflix and is expected to close in the first half of 2025 pending approval from the Korea Fair Trade Commission.The public notices, in Korean, are attached....

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