이동통신 후발사업자의 M&A가 방송･통신･결합시장에 미치는 후생효과 분석: LGU+와 CJ헬로비젼 M&A 사례

LGU+, which is a latecomer mobile service carrier, completed the merger and acquisition of CJ HelloVision in January 20, under the monopoly of the mobile communication, broadcasting and high-speed Internet markets in Korea. Accordingly, the effects of M&A of latecomers on the promotion of competition and changes in social welfare losses were analyzed through the welfare simulation model. As a result of the analysis, it was found that the M&A between LGU+ and CJ HelloVision improved competition in the mobile communication market and reduced the size of welfare losses, but increased market concentration in the pay-TV and high-speed Internet markets, resulting in increased welfare losses. In particular, the consumer surplus in the combined market 3 showed that the market size and consumer surplus also steadily increased as the competition for attracting subscribers of combined products between the three carriers became vital after the merger. After the merger, the increase in welfare loss temporarily eased, and the increase in welfare loss could be expected due to the increase in LGU+'s share and market concentration due to the number portability effect. In other words, the M&A effect of latecomers can be expected to have a great impact on securing market share in the combined market. Considering such changes in social welfare, it was confirmed that the catch-up strategy using M&A of latecomers was significant in terms of revitalizing market competition and promoting welfare in the combined market including the paid broadcasting market. However, due to the limitations of data and scenario assumptions, there may be a problem that the estimated value may be somewhat overestimated.