SEOUL, Feb. 24 (Yonhap) -- South Korea's antitrust regulator said Wednesday it has decided to fine top mobile carrier SK Telecom Co. and its internet protocol TV subsidiary a combined 6.4 billion won (US$5.7 million) for hampering market competition.
SKT unfairly supported SK Broadband Co. between 2016-2019 when its subsidiary sold the IPTV service program through the top carrier's distribution channels, according to the Korea Fair Trade Commission (KFTC).
SKT paid part of sales fees totaling about 19.9 billion won to retailers that SK Broadband should have shouldered.
The KFTC said the practice helped SK Broadband cement its status as the No. 2 player in the IPTV market.
The regulator plans to order them to correct the business practice and slap a fine of 3.19 billion won each on SKT and SK Broadband.
The watchdog said it will closely monitor large business groups' unfair support to their subsidiaries and take stern measures at any move to hurt market competition.