Cable TV No.3 D'Live Announces First Voluntary Retirement Since Establishment
Over 70 Applicants... About 6% of All Employees
Specific Compensation Amounts and Conditions Are Confidential
[Asia Economy Reporter Cha Min-young] D'Live, the third-largest cable TV company, has implemented voluntary retirement for the first time since its establishment.
According to the paid broadcasting industry on the 28th, D'Live recruited voluntary retirees among employees aged 40 and above since the end of June, receiving about 70 applications. However, specific compensation terms or the total amount were not disclosed. The number of voluntary retirees accounts for about 6% of the entire workforce, with a total of 1,157 employees as of the end of 2020.
The cable TV industry, which began in 1995, has seen its growth slow due to new media such as IPTV and Over-The-Top (OTT) services. D'Live is also seeking a new buyer as a merger and acquisition (M&A) target. KT was the only company to participate in the preliminary bidding for the sale last November, raising expectations, but there has been no significant progress in the deal since then.
Market observers speculate that the decision reflects efforts to increase the company's value as a sale target through workforce reduction. A cable TV industry insider said, "As industry growth slows, company management must consider whether to find new revenue sources or reduce staff to improve profitability," adding, "From a long-term perspective, this appears to be a measure to reduce selling and administrative expenses and increase the value of the sale target."
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D'Live ranks third in the cable TV market share, following LG HelloVision and T-Broad. Based on consolidated figures in 2020, its revenue reached 421.9 billion KRW, operating profit was 36.6 billion KRW, and it recorded a net loss of 90.5 billion KRW. Operating expenses outside of core operations increased sharply due to rising impairment losses on intangible assets, including goodwill.
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