김민석, JTBC 유튜브 ‘인혁당 희화화’에 “선 넘었다”

JTBC decided to formalize its planned sale after attempting to restructure its debts through a corporate rescue process. This move could result in the center group, a representative media conglomerate in South Korea, potentially selling off both its subsidiaries, JTBC and the Central Ilbo. JTBC announced on the 28th that it had entered the "formal sale process to address business normalization," emphasizing that "winding-down procedures led by the court would be more effective from the perspective of protecting the rights of bondholders."

Consequently, JTBC did not request an extension of the ARS (Company Restructuring Support) process, which initiated the winding-down procedure. The debt restructuring, which the company had initiated, was planned to conclude by the end of last month but was extended to the end of this month. However, the company was unable to find a buyer among its creditors, leading to the initiation of the winding-down process.

Several companies within the center group, including Central Holdings, Content Central, Central Fin AI, and MegaBox Central, are currently undergoing the same winding-down process. The Seoul Winding-Up Court attributed the causes of JTBC's financial crisis to "large expenditures related to Olympic broadcast rights payments" and "the overall liquidity crisis faced by the center group."

Central Ilbo had previously announced its intent to sell its shares in June, engaging with multiple potential buyers before deciding on its sale strategy, which could include a limited sale of operational rights or a simultaneous sale of shares. The specifics of JTBC's sale structure remain undecided, with the company stating that it will depend on the willingness of potential buyers.

The union has reiterated its stance that the crisis should not be the responsibility of its employees, emphasizing that the situation is due to the financial difficulties faced by the center group as a whole, and not the result of inefficiency or laziness among its staff. Union President Park Chang-gyu told the JoongAng Ilbo that "this crisis is a reflection of the center group's financial struggles, which caused journalism to be the last source of funding for other subsidiaries," asserting that "both the right and left sides have agreed on the need for restructuring," and that those responsible must be held accountable.