6 bidders vie for control of JoongAng Ilbo as sale enters final round
The final round of bidding to acquire control of JoongAng Ilbo, one of Korea’s leading newspaper publishers, is officially down to six contenders, industry officials said Monday. The six bidders, all of whom participated in last month’s preliminary bidding, include confectionery maker Orion, Global Sae-A, Daou Kiwoom Group, OK Financial Group, Geumbo Development and eBroadcasting. Daou Kiwoom…
Six bidders are currently competing to acquire control of JoongAng Ilbo, a prominent Korean newspaper publisher, according to industry officials. The finalists all participated in the initial bidding round held last month and consist of Orion, Global Sae-A, Daou Kiwoom Group, OK Financial Group, Geumbo Development, and eBroadcasting.
Daou Kiwoom Group is involved as part of a consortium with CJ Group, who emerged as an unexpected participant in recent reports. JoongAng Ilbo entered a creditor-led workout program in July following its parent company, JoongAng Group, facing a liquidity crisis. The program permits a company to negotiate debt restructuring with creditors while maintaining more operational control than in court-supervised rehabilitation.
The successful buyer will assume control of the publisher by purchasing newly issued shares, rather than acquiring the existing controlling shareholder. This method directs the acquisition funds directly to the cash-strapped JoongAng Ilbo, providing it with additional capital to bolster its financial situation.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
