[Full Text] JTBC, Finally.. 200 Billion Won Debt Default "News and Sports Broadcasts Operating Normally"

*This content was translated by AI.

JTBC announced a default on some of its debt payments.

On the 12th, NICE Credit Rating downgraded JTBC's credit rating from 'BBB0' to 'CCC'. According to NICE Credit Rating's credit rating system, 'CCC' implies a high risk of default and carries a very speculative meaning. It is reported that JTBC failed to repay its approximately 20 billion won in securitized loans due by that day.

On the same day, Korea Enterprise Rating also announced that it downgraded JTBC's corporate bond credit rating from 'BBB0, Negative' to 'BB'.

Amidst this, JTBC issued a statement titled 'Statement on JTBC's Management Situation' late in the evening.

According to the statement, JTBC has mobilized all possible means to overcome its liquidity crisis and has already entered an emergency management system to improve management efficiency. However, as the media environment rapidly changed centered on digital and OTT, and external conditions worsened, such as a significant contraction in the TV broadcasting advertising market, a default situation on some bonds occurred today.

JTBC stated, "We will do our best to mobilize all possible means internally and externally to resolve this situation as quickly as possible with a responsible attitude," and added, "Production and broadcasting of broadcast content, including news and major sports broadcasts, will continue to operate normally."

[Statement on JTBC's Management Situation]

JTBC has mobilized all possible means to overcome its liquidity crisis. We have made every effort, including entering an emergency management system to improve management efficiency.

However, as the media environment rapidly changed centered on digital and OTT, and external conditions worsened, such as a significant contraction in the TV broadcasting advertising market, a default situation on some bonds occurred today.

JTBC will do its best to mobilize all possible means internally and externally to resolve this situation as quickly as possible with a responsible attitude.

Production and broadcasting of broadcast content, including news and major sports broadcasts, will continue to operate normally.

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*This content was translated by AI.