SEOUL: South Korea's parliament has postponed a vote on controversial legislation that would allow media companies to simultaneously own both print and broadcast operations in the country for the first time.
As reported in a recent analysis of the Korean advertising environment, there is 100% TV and radio penetration in the country, and some 52 TV terrestrial stations are currently available.
Under the proposed terms of the new legislation, media companies and newspapers could take a share of 20% in local terrestrial broadcasters.
The country's government, currently formed by the Grand National Party, supports the motion, which would consolidate the media industry at a time when it faces a vast array of challenges.
The opposition Democratic Party, by contrast, argues that the proposed changes in ownership structure would lead to a monopoly of media ownership by a small group of companies.
The vote was delayed for another 100 days so that further discussions could take place and a final vote in the National Assembly.
Data sourced from UPI.com; additional content by WARC staff