Korea's SK Telecom announced on November 8 that it plans to join the bidding for a controlling stake in Hanaro Telecom, a major Korean fixed-line telecom operator. The move is seen as part of SK Telecom's plan to deliver IPTV (Internet Protocol Television) services

Hanaro Telecom's biggest shareholder - a consortium consisting of American International Group and Newbridge Capital - is seeking a preferred bidder to take over their combined share of 39.36%, the value of which is estimated at around 900 billion Won (US$994.7 million; US$1 = 904.8 Won), according to AFX News.

Other than SK Telecom, known bidders include LG and Australia's Macquarie Bank. Meanwhile, a Korean TV station MBC and digital device maker Celrun also announced their plan to make a joint bid for Hanaro Telecom, Maeil Business Newspaper reported.

The aforementioned consortium is likely to name a preferred bidder this weekend at the soonest, according to Chosun Ilbo.