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KT, SKT, LG join hands to maximize profitability Posted : 2021-03-10 16:45 By Kim Hyun-bin The country s three major telecom companies have agreed to cooperate with each other to better compete with new rival information and communication technology (ICT) firms, namely Naver and Kakao, and to maximize their profitability. SKT CEO Park Jung-hoPreviously, KT, SKT and LG Uplus had competed fiercely for subscribers in a saturated market, which led to drastic drops in revenue as high marketing expenses impacted their profitability. The three telecoms have jointly invested in ONEStore, a traditional application market platform ― KT and LG Uplus spent a combined 26 billion won ($23.1 million) to acquire stakes in the SKT project. They now own 53.9 percent of the company, with KT and LG Uplus being seen as joint managers of the platform, not merely investors.

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