JoongAng Ilbo buyers have financial room to fund acquisition: KIS report
In an unconventional lifeline for Korea's traditional press, a diverse corporate coalition spanning tech, retail and entertainment has agreed to rescue JoongAng Ilbo, one of the nation’s most influential conservative daily newspapers. Under a 520 billion won ($388 million) conditional agreement approved Wednesday by the boards of Daou Technology, Saramin, CJ Corp. and Shinsegae, the newly injected capital will flow directly into the newspaper to clear its debts and pull the media outlet out of a creditor-led workout program it entered this summer. According to an assessment by Korea Investors Service (KIS), a Moody’s affiliate, the acquiring companies possess the financial capacity to comfortably fund the transaction. Under the agreed funding structure, Daou Technology will cover 36.5 percent of the total, or about 189.8 billion won, while CJ Corp. will contribute 35.7 percent, or 185.6 billion won. Shinsegae is participating alongside CJ as a financial investor with a 14.1 percent stake (73.3 billion won), and online job portal Saramin will provide 13.7 percent (71.2 billion won).
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