"A lot of Chinese residents rely on this media for obtaining both domestic and international news and information," Dr Chung said.
"WTV is very important to most Chinese and perhaps Korean-speaking residents ... it is classified as the most important media among Chinese here."
Although an increasing number were using the internet, many older migrants still consumed news in their native language on television.
Dr Chung said the Government needed to step in and provide funding to maintain WTV, similar to Maori TV.
WTV chief executive Henry Ho said the new internet streaming format would not carry a Korean channel because the company would not be able to compete in the Korean market.
"In the last few years, we are facing unfair competition from illegal downloads and illegal boxes," said Mr Ho.
Tony Keam, a former WTV director, said the closure of Korean language programming on TV would leave "a hole" in meeting the community's needs.
Mr Keam said WTV had an agreement with Sky TV not to disclose subscriber numbers, and to keep the information confidential.
Sky's five new Asian channels will include Star Chinese, Star Chinese Movies in Mandarin and Hindi channels Colours and Star Gold.