(Yicai Global) March 3 -- China Broadcasting Network will join hands with provincial broadcasting network companies and investors to form a national uniform network joint stock company to integrate the nation's cable TV network and construction of the fifth-generation broadcast network, the country's National Radio and Television Administration announced on its website.

This move will set up a multifunctional national digital cultural communication network, per the NRTA's startup scheme released yesterday.

CBN secured a 5G network license on June 6 after China's three major telecom operators started building the nationwide 5G network. Most provincial broadcast  firms have no equity relationship with The company, however, so entities not granted this license cannot use it.

This development represents an amalgamation of China's broadcast network at the national, provincial and county levels, Shang Xiaopu, a telecom analyst, told the Economic Observer, adding this is occurring now because 5G construction demands huge funding, and forming a national uniform network company will enable the broadcast system to innovate financing channels via a joint-stock system, and more large private firms are likely to be invited to jointly construct the mechanism in future.

The network confronts a difficult business transformation and so merging it with the 5G one offers a vital opportunity to refurbish its competitiveness, Shang said.

State-backed CBNC formed in Beijing in April 2014 as China's fourth telecom network operator after China Mobile,  China Unicom and China Telecom. Its businesses include cable network construction, operation and maintenance, as well related consulting work and research and development of relevant technology.

Editor: Ben Armour