Popular South Korean over-the-top streaming services Tving and Wavve are reportedly seeking a merger, according to the media reports on Wednesday.

Currently, entertainment giant CJ ENM owns Tving, while conglomerate SK Square runs Wavve.

The two OTT brands are seeking a merger to increase their share of the local OTT market, aiming to clinch the deal in December, according to a local media outlet, citing industry sources.

According to the report, CJ ENM will become the largest shareholder of the new company, with SK Square holding the second-largest stake in it.

When The Korea Herald reached out, a Tving official said "nothing detailed has been decided," but that the company has been seeking various ways to collaborate with other firms to maximize its presence in the market.

"However, Tving and Wavve have recognized that their services need to raise their competitiveness," she added.

According to Mobile Index, as of October, Tving has the third-most users here, with 5.1 million, after Netflix and Coupang Play. Wavve comes in fourth with 4.2 million users. If the two services merge, a total of some 10 million users are expected to be acquired by the newly launched OTT service.