Media Reform Bill 'Could Create 20,000 Jobs'

    January 20, 2009 11:00

    A media industry deregulation bill held up by sit-ins at the National Assembly in the regular session could generate up to W2.9 trillion of so-called production effects and 21,000 new jobs, a report claims.

    The report, released by the Korea Information Society Development Institute on Monday, says the current media law restricted free competition and inhibited growth by prohibiting entry of new businesses and limiting ownership of broadcasters.

    The Korean broadcasting market accounts for 0.67 percent of GDP as of 2007, smaller than that of the United States and the United Kingdom where the market occupies over 1 percent, and Japan, Germany and Italy where it is 0.7 percent.

    The bill submitted by the ruling party last year would allow newspapers and conglomerates to take shares in terrestrial broadcasters and have a say in the programming.

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