Key facts
- JTBC plans to select a preferred bidder in January, the company said in its sale notice.
- EY Hanyoung, the accounting firm advising the sale, said the process will use open competitive bidding with external capital.
- Potential bidders can submit letters of intent over the next four weeks, per the notice.
- JTBC said the sale will be conducted in a "transparent and fair" manner under relevant laws and rehabilitation court procedures.
- The Seoul Bankruptcy Court approved JTBC's rehabilitation request in late August, allowing court-supervised debt restructuring.
Debt-ridden South Korean broadcaster JTBC plans to select a preferred bidder in January, the company said on November 9, as it published an official notice for the sale. The sale will run through an open competitive bidding process involving the injection of external capital, according to the notice from EY Hanyoung, the accounting firm advising the sale.
Potential bidders have four weeks from the notice to submit letters of intent. JTBC said it will conduct the sale in a "transparent and fair" manner in accordance with relevant laws and rehabilitation court procedures. "Through the merger and acquisition, we hope to establish a sustainable base for growth and strengthen content and channel competitiveness," the broadcaster said.
The sale notice came about two months after the Seoul Bankruptcy Court approved JTBC's request to begin rehabilitation proceedings in late August, allowing the company to restructure its debts under court supervision. Yonhap reported the sale plan.