CJ ENM's OTT platform, TVing, and SK Square's Wavve are pushing for a merger.

At present, TVing occupies the third spot in South Korea's competitive online streaming sector, boasting a monthly active user base of approximately 5.1 million. In comparison, Wavve maintains a user base of around 4.23 million. The prospective merger of these two Over-The-Top (OTT) platforms is poised to create the largest streaming service entity in South Korea.

Industry insiders report that TVing and Wavve are on the cusp of signing a Memorandum of Understanding (MOU) to formalize their merger, potentially as soon as this week. The merger of the two OTTs is seen positively in terms of expanding market share.

CJ ENM and SK Square stated, "We are discussing various cooperation measures, including strategic partnerships, to strengthen competitiveness as OTT operators." While nothing specific has been decided, it is confirmed that talks about the merger are positive.

The two entities aim to complete the merger process by the end of the upcoming year, following the anticipated signing of the Memorandum of Understanding (MOU) as early as this week.

If the merger is successful, CJ ENM will become the largest shareholder of the merged corporation, with SK Square becoming the second-largest shareholder. With a combined monthly user base of 9.33 million OTT subscribers, even excluding duplicate subscribers to both platforms, it is expected to easily surpass Coupang Play, the current leader in the South Korean OTT market.