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South Korean cable TV platform C&M has been put up for sale by its private equity owners.

The company has 2.3 million subscribers, which makes it the third largest of four major players in the country. But it faces growing competition from the Internet and IPTV services.

C&M is currently 92.5% owned by a consortium of investors headed by MBK and also including Australia’s Macquarie Group and Mirae Asset Managenent.

The consortium has owned its stake for seven years and is understood to have tried previously to sell it. The consortium has now appointed investment bank Goldman Sachs to handle the sale, which it says it would expect to complete in the $2.5-$3 billion range some time this year.