[Breaking News] JTBC Enters Sale Process: "External Capital Influx to Build Foundation for Sustainable Growth"

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JTBC is set to formally enter the sale process.

EY Han Young, the investment bank managing the sale of JTBC, announced on the 9th through a public notice that "the sale will be conducted via open competitive bidding, involving external capital influx such as a rights offering (paid-in capital increase) allocated to third parties and the issuance of corporate bonds."

Following the posting of the sale notice, the acceptance of Letters of Intent (LOI) from potential acquirers has begun. The LOI submission period is four weeks from the date of the notice's publication, after which preliminary due diligence will be conducted. In accordance with competitive bidding principles, a preferred negotiation candidate is expected to be selected in January next year.

JTBC stated that "the sale will be conducted transparently and fairly in accordance with relevant laws and regulations and the procedures of the rehabilitation court," adding that "through M&A, we will establish a foundation for sustainable growth and create an opportunity to strengthen our competitiveness in content and channels."

Meanwhile, JTBC recorded an operating profit surplus of 1.7 billion won in August, continuing stable operations even after the commencement of rehabilitation proceedings. The company improved its cost structure by reducing the burden of broadcasting rights fees without cutting back on the scheduling of weekend dramas or daily variety show slots airing seven days a week.

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*This content was translated by AI.View Original