Eugene Group’s final acquisition must pass the Korea Communications Commission’s approval review for changes to the largest investor.
Chairman Lee Dong-kwan: “Strict, transparent and rapid review”
YTN Logo *Resale and DB prohibited
[서울=뉴시스] Reporter Shim Ji-hye = Lee Dong-gwan, chairman of the Korea Communications Commission, said on the 23rd regarding the successful bid by Eugene Corporation for a 30.95% stake in the public enterprise of YTN, a news channel, “The review of approval for changes to YTN’s largest investor is strictly, transparently and promptly reviewed in accordance with relevant laws and regulations.” “I will do it,” he said.
On this day, the Korea Communications Commission announced this by publishing ‘Explanatory materials related to the review of approval for changes to YTN’s largest investor’.
On this day, Eugene Enterprises won a bid for a total of 30.95% of the shares of KEPCO KDN (21.43%,) and Korea Racing Authority (9.52%).
Regarding this, the Korea Communications Commission explained, “Once the boards of directors of KEPCO KDN and the Korea Racing Authority make a final decision on the sale of shares, a contract will be signed with Eugene Enterprises.”
In order for Eugene Enterprises to acquire a stake in YTN, it must pass an approval review for change to the largest investor from the Korea Communications Commission. It is expected that it will take approximately 2 to 3 months for the review results to come out.
In accordance with the Broadcasting Act, Eugene Enterprises must apply for change approval to the Korea Communications Commission within 30 days of signing the share acquisition contract. The Korea Communications Commission must notify the applicant of the results within 60 days after receiving the application.
In this review, the Korea Communications Commission plans to comprehensively look at not only financial capabilities but also capabilities such as management philosophy.
Previously, at the general meeting held on the 18th, Chairman Lee was briefed on the status of preparations for the approval review for changes to YTN’s largest investor and said, “Not only financial capabilities but also management philosophy and capabilities based on fairness and publicness can be comprehensively reviewed.” “We must prepare thoroughly,” he emphasized to the office in charge of the review.
Vice Chairman Lee Sang-in also requested, “As this is an issue that has attracted a lot of attention and attention, we must make every effort to ensure that an objective and strict review is conducted in accordance with relevant laws and principles.”
The Korea Communications Commission reviews approval for changes, including YTN’s largest investor. The Secretariat said that in accordance with related laws and regulations such as the Broadcasting Act, it will consider the following as major issues: ▲the possibility of realizing public responsibility, fairness, and public interest in broadcasting ▲social credibility and financial capacity ▲protection of viewers’ rights and interests ▲regulation of ownership of broadcasting companies by large corporations, media companies, foreigners, etc. .
In addition, since YTN currently owns shares of terrestrial broadcasters YTN Radio (37.08%) and DMB (28.52%), it will also review whether it violates the ownership regulations of terrestrial broadcasters.
In the future, the Korea Communications Commission plans to operate a review committee composed of experts in related fields and decide on the basic plan at the committee after applying for change approval.
Meanwhile, Eugene Enterprises is known to have spent approximately 320 billion won for the acquisition price on this day.
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