Economy · Planned · 2 sources combined
Daewoong Kium, CJ selected
as new owner of JoongAng Ilbo
D-54 Deadline December 31 · Year-end goal for completing workout graduation
In short
A consortium of Daewoong Kium and CJ has agreed to acquire JoongAng Ilbo, which is undergoing workout (financial restructuring).
The consortium was selected as the preferred bidder in the main auction competed by six candidates.
The acquisition price is known to be in the 500 billion won range, with a goal to complete the sale by year-end.
Key facts
| When | On the 19th, the Daewoong Kium and CJ consortium was selected as the preferred bidder. |
|---|---|
| Who | The consortium of Daewoong Group and CJ Group beat out five other candidates including Global Sea. |
| What | They are acquiring JoongAng Ilbo's management rights for around 500 billion won, while other candidates offered 300 billion to 400 billion won. |
| How | Through third-party paid-in capital increase method, the proceeds from new stock will be used for debt repayment. |
What it means for me
As news of a media company ownership change, the direct impact on general readers is not significant.
