Taiwan-based IC designers MediaTek and MStar announced on June 17 that they will tentatively postpone their merger for three months to November 1, awaiting the regulatory review in China, as reported by the United Daily News in Taiwan. In June 2012, MediaTek announced a plan to acquire MStar with NT$115 billion (US$3.83 billion; US$ 1 = NT$30.002). The deal was approved by Taiwan's FTC (Fair Trade Commission) in August 2012 and by South Korea's regulators in March 2013. It is reported that the two companies jointly assume over 50% of the Chinese TV chip market, which may be the main reason why the deal is being held back by China's antitrust authorities.