Foreign investment in radio and TV broadcasting is generally not permitted. Previously, program providing broadcasting (excluding the comprehensive programming channels and the specialised news program providers) and cable broadcasting were allowed when foreign investment  was 49% or less, and satellite broadcasting was allowed when foreign investment was 33% or less. Following 2009 amendments to the Broadcasting Act, program providing broadcasting (excluding the comprehensive programming channels and the specialised news program providers), cable broadcasting and now also satellite broadcasting are allowed when foreign investment is 49% or less. Foreign investment is now allowed up to 20% in program providers engaging in general programming and in CATV relay broadcasting business entities, and up to 10% in program providers engaging in specialized programming of news reports.
"Article 14 (Foreign Capital Investment and Contribution) 
(1) No terrestrial broadcasting business entity or community radio broadcasting business entity shall receive an investment or a contribution of property from any of the following entities: Provided, That it may receive property contributions from a foreign organization operated for facilitating education, athletics, religion, charity and other international friendship, if it has obtained approval from the Korea Communications Commission: 
1. A foreign government or organization;
2. A foreigner;
3. A corporation, stocks or equity shares of which are owned by a foreign government or organization or a foreigner in excess of the ratio prescribed by Presidential Decree.
(2) A program provider engaging in general programming or a CATV relay broadcasting business entity shall not receive an investment or contribution of property from any of the entities referred to in the subparagraphs of paragraph (1), in excess of 20/100 of the total stocks or equity shares of the relevant corporation; and a program provider engaging in specialized programming of news reports shall not receive an investment or contribution of property from any of the entities referred to in the subparagraphs of paragraph (1) in excess of 10/100 of the total stocks or equity shares of the relevant corporation. 
(3) A CATV broadcasting business entity, satellite broadcasting business entity and program provider (excluding a person engaging in general programming or specialized programming of news reports) or a signal transmission network business entity shall not receive an investment or contribution of property from any of the entities referred to in the subparagraphs of paragraph (1) in excess of 49/100 of the total stocks or equity shares of the relevant corporation: Provided, That in cases of program provider (excluding a person engaging in general programming, specialized programming of news reports, or specialized programming featuring and marketing products), no corporation, the stocks or equity shares of which are owned by the government,an organization or a national of the contracting country of any free trade agreement determined and notified by the Minister of Science and ICT, among the free trade agreements that the Republic of Korea entered into with a foreign country bilaterally or multi-laterally and has taken effect , shall deem an entity referred to in paragraph (3) 1 although it meets the requirements provided in paragraph (3) 1.  
(4) The stocks or equity shares owned by all entities referred to in the subparagraphs of paragraph (1) shall be aggregated for the application of paragraphs (2) and (3). 
[...]"
(Broadcasting Act (No. 1535 of 1963), last amended by Act No. 17799 of 2020, Article 14 [unofficial translation])

******

"Article 4 (Liberalization, etc. of Foreign Investment)   
(1) Except as otherwise prescribed by the Acts of the Republic of Korea, a foreigner may engage in, without restraint, various activities of foreign investment in the Republic of Korea.
(2) No foreigner shall be restricted from making any foreign investment prescribed in this Act, except in the following circumstances:
1. Where he or she threatens national security and public order;
2. Where he or she has harmful effects on public health and sanitation or environmental preservation or is against Korean morals and customs;
3. Where he or she violates any Act or statutes of the Republic of Korea.
(3) The categories of businesses in which foreign investment is restricted in accordance with any of the subparagraphs of paragraph (2) and the details of restrictions shall be prescribed by Presidential Decree.
[...]"
(Foreign Investment Promotion Act (No. 5559 of 1998), last amended by Act No. 17799 of 2020, Article 4 [unofficial translation])

******

"Article 5 (Types of Business Restricted by Foreign Investment) 
(1) In accordance with Article 5 (1) 1 of the Decree, the types of businesses subject to restrictions on foreign investment announced by the Minister of Trade, Industry and Energy in consultation with the competent minister are as shown in Attached Table 2.
(2) When a foreign investor invests in a business that has permissible standards among the industries listed in Attached Table 2, foreign investment may be made within the permissible standard.
[...]

[Appendix 2] Categories of Business with Restrictive Foreign Investment and Criteria for Permission (pursuant to Article 5)

Classification   Type of Business              Criteria for Permission                                                                                                                           [...]
[...]
60100                   Radio broadcasting         <Not opened>
                               business                       
60210                   Terrestrial broadcast-    <Not opened>
                               ing business                                                                                           
60221                   Program-providing          Permitted if foreign investment ratio dose not exceed 49% (Provided, That a
                               business                              program provider engaged in general programming shall be permitted if foreign
                                                                               investment ratio dose not exceed 20%, and a program provider engaged
                                                                               in specialized programming of news reports shall be permitted if foreign
                                                                               investment ratio dose not exceed 10%).
                                                                               ※ Program providing business shall refer to the program providing business 
                                                                               under the Broadcasting Act.
                                                                               [...]
60222                   Cable broadcasting         CATV broadcasting business shall be permitted if foreign investment ratio
                               business                              is dose not exceed 49% (Provided, That CATV relay broadcasting business
                                                                               shall be permitted if foreign investment ratio dose not exceed 20%).
60229                   Satellite and other          Permitted if foreign investment ratio dose not exceed 49% (Provided,
                               broadcasting busi-          That an Internet multimedia broadcasting contents business operator
                               ness                                      engaged in general programming or specialized programming of news
                                                                               reports shall be permitted if foreign investment ratio dose not exceed
                                                                               20%).
                                                                               [...]
[...]"
(Regulations on Foreign Investment (Ministry of Commerce, Industry and Energy Notice No. 1999-58 of 1999), last amended by Notice No. 2021-106 of 2021, Article 5 and attached Table 2 [google translation / unofficial translation of Table 2, source: Kotra])
Broadcasting Act (No. 1535 of 1963), last amended by Act No. 17799 of 2020, Article 14
Foreign Investment Promotion Act (No. 5559 of 1998), last amended by Act No. 17799 of 2020, Article 4
Regulations on Foreign Investment (Ministry of Commerce, Industry and Energy Notice No. 1999-58 of 1999), last amended by Notice No. 2021-106 of 2021, Article 5 and attached Table 2
[<a href="https://www.law.go.kr/LSW/lsEfInfoP.do?lsiSeq=202688#">Act</a>],[<a href="https://www.law.go.kr/LSW/eng/engLsSc.do?menuId=2&query=BROADCASTING%20ACT">Act_Eng</a>],[<a href="https://www.law.go.kr/LSW/lsInfoP.do?nwJoYnInfo=Y&ancNo=16131&chrClsCd=010202&efYd=20190401&lsiSeq=206503&efGubun=Y&ancYd=20181231#0000">Act</a>],[<a href="https://elaw.klri.re.kr/eng_service/lawView.do?hseq=44627&lang=ENG">Act_Eng</a>],[<a href="https://www.law.go.kr/LSW/admRulLsInfoP.do?chrClsCd=&admRulSeq=2100000136409#AJAX">Reg</a>],[<a href="http://openknowledge.kotra.or.kr/handle/2014.oak/23472">Other</a>]