Lee Dong-gwan, on YTN Bid Win: "Will Expedite Approval Review for Investor Change"

"Contract Signing Upon Final Approval of Share Sale"

Lee Dong-kwan, Chairman of the Korea Communications Commission, stated regarding Eugene Group's successful bid for a 30.95% stake in the news channel YTN, owned by KEPCO KDN and Korea Racing Authority, that "the approval review for the change of the largest shareholder will be conducted strictly, transparently, and promptly in accordance with relevant laws and regulations."

Lee Dong-kwan, Chairman of the Korea Communications Commission, is reporting on duties at the Science, Technology, Information and Broadcasting and Communications Committee's audit held at the National Assembly on the 10th. Photo by Hyunmin Kim kimhyun81@

On the 23rd, the Korea Communications Commission released an explanatory statement following the news of Eugene Group's successful bid, expressing Chairman Lee's position. Regarding the future review process, it explained, "Once the boards of directors of KEPCO KDN and Korea Racing Authority, which own the YTN shares, make the final decision to sell the shares, a contract will be signed with the successful bidder."

It added that the party acquiring the YTN shares must apply for approval of the change to the Korea Communications Commission within 30 days of signing the share acquisition contract in accordance with the Broadcasting Act, and the Commission will notify the applicant of the result within 60 days after receiving the application.

This content was produced with the assistance of AI translation services.