SK Telecom pulls out of CJ deal

SK Telecom has pulled out of its proposed deal for CJ Hellovision.

The South Korean telco had wanted to align its SK Broadband division with local channel operator CJ HelloVision.

Competitors and the country’s antitrust regulator had objected to the deal and SK and CJ had responded to these concerns.

SK has now, however, decided to pull the plug on the deal, according to The Korea Herald.

It reported that SK had officially notified CJ the deal was off, and issued a statement locally: “As the FTC’s disapproval has made it impossible to complete our planned M&A, we notified CJ HelloVision of the termination of the M&A and stock purchase contract through appropriate legal processes.”

CJ Hellovision, part of the wider CJ conglomerate, confirmed it had received the notification from SK.