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…
The final phase of acquiring control over JoongAng Ilbo, a prominent Korean newspaper publisher, has narrowed down to six potential suitors, according to industry insiders. These contenders, who all took part in the initial bidding round last month, comprise confectionery giant Orion, Global Sae-A, Daou Kiwoom Group, OK Financial Group, Geumbo Development, and eBroadcasting.
Intriguingly, Daou Kiwoom Group is participating as part of a alliance with CJ Group, a side that caught many off guard in reports on Friday. JoongAng Ilbo entered a creditor-led recovery program in July following its parent company, JoongAng Group, grappling with a liquidity crisis. This program enables a firm to negotiate debt restructuring with creditors while preserving a greater degree of operational autonomy than it would under court-ordered rehabilitation.
The prospect of acquiring JoongAng Ilbo involves purchasing newly issued shares rather than outright buying the already existing controlling shareholder, a move that would funnel the acquisition funds directly into the liquidity-stricken newspaper, providing it with the necessary capital to bolster its financial footing.
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.
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