CJ, Daou Kiwoom may team up for JoongAng Ilbo bid

Speculation is growing that CJ Group may team up with Daou Kiwoom Group to bid for control of JoongAng Ilbo, as the newspaper publisher seeks a buyer amid a liquidity crisis at its parent group. According to industry sources, CJ is reportedly considering forming a consortium with Daou Kiwoom to participate in the final round of bidding for the newspaper, with the deadline for final bids on Oct.

19. CJ holds a 9.24 percent stake in JoongAng Ilbo through its affiliate CJ OliveNetworks, potentially giving the group an existing foothold in the acquisition process. JoongAng Ilbo entered a workout program in July amid liquidity pressures at some affiliates of JoongAng Group, and the newspaper publisher is pursuing the sale of its management rights and other restructuring measures to restore its financial health.

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