JoongAng Ilbo buyers have financial room to fund acquisition: KIS report
In an unconventional lifeline for Korea's traditional press, a diverse corporate coalition spanning tech, retail and entertainment has agreed to rescue JoongAng Ilbo, one of the nation’s most influential conservative daily newspapers. Under a 520 billion won ($388 million) conditional agreement approved Wednesday by the boards of Daou Technology, Saramin, CJ Corp. and Shinsegae, the newly…
A consortium of tech, retail, and entertainment companies have agreed to rescue JoongAng Ilbo, one of Korea's most influential conservative daily newspapers. This deal is a lifeline for the nation's traditional press. The acquisition is contingent upon the injection of 520 billion won ($388 million) from the acquiring companies.
KIS, a Moody’s affiliate, assessed that the acquiring firms have the financial capacity to comfortably fund the transaction. Daou Technology will contribute approximately 36.5 percent (189.8 billion won), CJ Corp. will provide 35.7 percent (185.6 billion won), Shinsegae will participate with a 14.1 percent stake (73.3 billion won), and job portal Saramin will offer 13.7 percent (71.2 billion won).
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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