Korean newspapers can own broadcasting firms
By Erina Lin, Tuesday 8 January 2008 at 20:55 :: Media Ownership :: #1069 :: rss
Print media companies will be able to own broadcasting companies and vice versa, the Korean presidential transition team announced Tuesday.
Lee Dong-Kwan, spokesman of the team, said that the next government will have alternative legislation, which will replace the current Newspaper Law and give print media companies more autonomy.
The new legislation will also work on strengthening the financial health of the media industry, the spokesman added.
The new government will ease regulations banning cross ownership between media businesses and take out stumbling blocks that hurts growth of their business.
“The alternative legislation, not a revision bill, was inevitable as the current law was lax in coping with the new media environment,” Prof. Kang Kyung-Keun of Soongsil University, Seoul, told The Korea Times.
“The distinctive trend in the global media industry shows the line between print and broadcasting has blurred in the past decade. The Newspaper Law has limitations, as it fails to take into account the rapidly changing environment of the industry,” added Kang.
According to the current law, print media are prohibited from owning shares of broadcasting companies. Newspapers and broadcasting companies are also not allowed to encroach upon each other's territory.
Once the alternative legislation is enacted, press companies are able to reach readers nationwide with content-oriented, in-depth coverage through broadcasts.
Major press companies have called for revisions of the current law in order to take advantage of broadcasting.
“Compared with TV companies, the market share of newspapers is extremely limited. The Newspaper Law makes the situation even worse because of regulatory measures,” Prof. Kang told The Korea Times.
Comments
No comment.
Post comment