Native OTT Tving Raises 150 Billion Won in Paid-in Capital Increase... Supported by CJ ENM and Naver

[Asia Economy Reporter Seolgina Jo] The native online video service (OTT) Tving is planning a paid-in capital increase worth 150 billion KRW targeting existing shareholders such as CJ ENM and Naver.

On the 13th, Tving held a board meeting and announced that it decided to proceed with a paid-in capital increase worth 150 billion KRW targeting existing shareholders. The number of shares to be issued is 339,272, with an issue price of 442,123 KRW per share. The payment date is set for the 14th.

The largest shareholder, CJ ENM, will invest approximately 79.5 billion KRW. Major shareholders of Tving, JTBC Studio and Naver, will also make additional investments of 53 billion KRW and 17.3 billion KRW respectively.

This capital injection is interpreted as a move to enhance the competitiveness of the Tving platform through securing original content.

Recently, as Netflix has achieved global success by leading with Korean content such as "Squid Game," the original content strategies of native OTTs competing against it have become increasingly important. Disney Plus (+), considered a formidable competitor to Netflix, is also set to enter the Korean market next month.

CJ ENM stated, "This is to strengthen the platform competitiveness and original content of its subsidiary Tving." Tving was spun off from CJ ENM last October to strengthen its OTT business competitiveness.

This content was produced with the assistance of AI translation services.