Government Reapproves GS Retail and CJ ENM TV Home Shopping Licenses... Valid Until 2027
Confidential Review Results Meet Reapproval Criteria
[Asia Economy Reporter Cha Min-young] The Ministry of Science and ICT announced on the 25th that the Television (TV) Home Shopping Reauthorization Review Committee has decided to reauthorize GS Retail and CJ ENM. With the reauthorization, the business validity period is five years until March 12, 2027.
The review committee was composed of external experts in six fields: broadcasting, law, management and economics, technology, accounting, and viewers and consumers. The committee conducted a closed review from the 22nd to the 25th of this month.
GS Retail scored 783.23 points, and CJ ENM scored 760.97 points. Both companies met the reauthorization criteria by achieving scores above the standard in the failing criteria category of "Excellence in Establishing Fair Trade Practices and Contributions and Plans for Revitalizing Small and Medium Enterprises."
The review focused on key evaluation items related to the public responsibilities of home shopping, such as establishing fair trade practices, protecting and supporting small and medium suppliers, and safeguarding the rights and interests of viewers and consumers. However, the committee proposed conditions for reauthorization for GS Retail and CJ ENM, including reducing sales commission rates for small and medium enterprise products, creating a fair trade environment with suppliers, and strengthening review education for performers.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
The Ministry of Science and ICT plans to finalize the reauthorization conditions considering the policy directions including support for small and medium enterprises, fair trade, protection of viewers and consumers, and the public responsibilities of home shopping companies, including the suggestions made by the review committee. In March, the ministry will issue approval certificates with reauthorization conditions imposed and conduct regular compliance inspections to ensure the conditions are met.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
