JoongAng Ilbo acquisition: Six bidders submit letters of intent

Six entities have submitted letters of intent (LOI) to acquire JoongAng Ilbo, which is currently undergoing a corporate restructuring process (workout). The bidding process is being conducted through a third-party allotment capital increase, meaning the acquisition funds will go directly to JoongAng Ilbo to improve its financial structure rather than to existing shareholders.

Among the bidders are Global Sae-A Group, OK Financial Group, E-Broadcasting (operator of the YouTube channel SamproTV), and Geumbo Development. Two additional bidders remain undisclosed. While CJ Group was previously considered a strong candidate due to its 9.24% stake, it did not submit an LOI. SM Group also reportedly declined to participate.

Samil PwC is managing the sale and is expected to select a shortlist of qualified candidates by late September. The creditors, led by Hana Bank, aim to complete the workout process within the year. The restructuring follows JoongAng Ilbo's application for a workout in June due to liquidity issues, while other affiliates including JTBC and JoongAng Holdings have filed for court receivership.