Troubled broadcaster JTBC to select preferred bidder in Jan.

Debt-stricken Korean television network JTBC announced its intention to select a preferred bidder for a sale in January, according to an official notice released on Monday. The broadcaster, guided by accounting firm EY Hanyoung, will seek external capital through an open competitive bidding process. Interested parties have four weeks to submit their letter of intent.

JTBC emphasized its commitment to a transparent and fair procedure, in compliance with relevant laws and rehabilitation court protocols. The aim is to create a stable foundation for growth and enhance content and channel competitiveness through this sale and merger and acquisition. This notice follows two months after the Seoul Bankruptcy Court endorsed JTBC's request to initiate rehabilitation proceedings in late August, enabling the company to restructure its debts under court guidance.