According to the Fair Trade Commission (FTC), they have approved the combination of VLIVE and Weverse, which are HYBE and Naver’s fan community service platforms.
This past January, the two companies signed a contract for Weverse to take over Naver’s VLIVE, with Naver acquiring 49% stake in Weverse Company. As result, Naver will become the second largest shareholder of Weverse Company after HYBE (51%).
The FTC analyzed the number of business consolidations taking place in companies in the domestic entertainment market and revealed that it was because these consolidation methods are being used as a means for strengthening business capabilities, securing competitiveness, and entering new businesses.
The FTC stated, “Going forward, we will closely review the impact of these business combinations in regards to competition in related markets, while approving matters that don’t have any concerns about competition restrictions, therefore supporting the investment activities of companies”.