K-Content News

Broadcasting watchdog approves Eugene ENT becomes largest shareholder of YTN

  SEOUL, Feb. 7 (Yonhap) -- South Korea's broadcasting watchdog on Wednesday approved that an affiliate of the mid-sized conglomerate Eugene Group becomes the largest shareholder of the local news channel YTN.

The Korea Communications Commission (KCC) said it decided to approve the application by Eugene ENT Co. to change the largest shareholder of the broadcaster, with strict conditions aimed at enhancing the social contribution of specialized news channels.

Eugene Group, known for its diverse business portfolio spanning distribution to finance, clinched the deal to acquire a 30.95 percent stake in YTN last October, outbidding two other contenders. Its bid of 319.9 billion won (US$237 million) was the highest.

Currently, two state-run firms, KEPCO KDN and the Korea Racing Authority (KRA), collectively hold a stake in YTN, acquired during South Korea's foreign exchange crisis in 1997. KEPCO KDN owns 21.43 percent of YTN.

The sale of YTN's stake has drawn public attention as it seems to mark the beginning of its controversial privatization process. This move has sparked debates within the media industry about the implications of privatization.