KBS 2 TV is a South Korean free-to-air television channel launched on 1 December 1980 and owned by Korean Broadcasting System. In contrast to KBS1, the channel specializes primarily in entertainment. KBS 2 was created as an effect of the Policy for Merger and Abolition of the Press. The Tongyang Broadcasting Company, set up by Samsung founder Lee Byung-chul, had its license revoked and its operations were absorbed into the Korean Broadcasting System. At the time of the decision, TBC was Korea's second largest radio and television company. On November 30, 1980, TBC made its final broadcast and the following day, KBS2 signed on in Seoul and Busan, where TBC had its television stations. Some of TBC's programs were continued under KBS, including the KBS Music Festival, which started in 1965 on TBC.