SK Telecom Co.,Ltd (KOSE:A017670) KT Corporation (KOSE:A030200) and LG Uplus Corp. (KOSE:A032640) have submitted bids to acquire Hyundai HCN Co.,Ltd. (KOSE:A126560), industry insiders said July 15, 2020, as they seek to increase their footholds in the local pay TV market. The CEOs of the three telecom operators expressed their intent to take over the country's No.

5 cable TV operator. "The acquisition will help us grow in size, but we will take a rational approach," SK Telecom Chief Executive Officer Park Jung-ho told reporters. KT Chief Executive Officer Koo Hyun-mo said the acquisition could help boost its pay TV business in urban areas.

LG Uplus Chief Executive Officer Ha Hyun-hwoi also affirmed that it would take part in the deal. Acquiring Hyundai HCN could be crucial for the three telecom operators in their competition for a larger share of the local pay TV market. Hyundai HCN is expected to announce a preferred bidder for the deal by July 24, 2020.