UPDATE 1-Macquarie buys S.Korea cable operator stake-sources

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SEOUL, Aug 22 (Reuters) - Macquarie Bank MBL.AX will buy 30 percent of South Korea's No. 2 cable TV operator from Goldman Sachs, reportedly worth $970 million, and is in talks for the remaining stake, two sources with knowledge of the deal told Reuters on Wednesday.

The Australian bank had competed with private equity fund MBK Partners for the 30 percent stake before they turned allies to jointly buy the rest of unlisted C&M.

"Macquarie signed the deal for a 30 percent stake owned by Goldman," one of the sources said by telephone, declining to be named.

"Now Macquarie and MBK are in negotiations to jointly buy the remaining 70 percent. But the sellers have not confirmed whether they will sell all of their shares."

Macquarie and Goldman declined to comment, while C&M and MBK were not immediately available for comment.

C&M is the largest cable TV operator in the greater Seoul metropolitan area with 2 million subscribers. Goldman (GS.N: Quote, Profile, Research, Stock Buzz) became its second-largest shareholder after buying a 30 percent stake for 140 billion won in 2004.

C&M chairman Lee Min-joo and other individual shareholders own 70 percent.

MBK, created by former Carlyle Group [CYL.UL] Asia head Michael Kim, had offered 3 trillion won ($3.2 billion) to buy all of the multi-system cable TV operator from the start, while Macquarie had pursued only a 30 percent stake from Goldman.