The decision, part of Free Trade Agreement negotiations with the US, sparked protests against the Ministry of Foreign Affairs and Trade. Under the new laws, foreign companies will be able to hold a 100 per cent interest in a company, providing they establish a local partner.
In addition, programmes from one country can make up 80 per cent of a channel’s content, up from 60 per cent, raising questions over how much content will retain Korean origins.
Kim Jin-kyung from the Korean Cable TV Association told the media: “The FTA guideline has opened a door for foreign firms to control the Korean market... it is nearly impossible to compete with US-made productions, which now control 46 per cent of the world’s broadcast industry.”
