Major South Korean broadcaster JTBC has officially entered the market for a new owner, releasing its official sale announcement on Monday.

According to EY Han Young, the advisory firm overseeing the transaction, the acquisition process will proceed via an open competitive bidding framework designed to attract external capital. Methods under consideration include third-party allotted capital increases and corporate bond issuances.

Potential investors now have a four-week window to submit their Letters of Interest (LOIs). This phase will be followed by preliminary inspections, with organizers aiming to name a preferred bidder by January of next year.

Management emphasized that the transaction will adhere strictly to legal mandates and court-supervised corporate rehabilitation guidelines to ensure transparency and fairness. Executives expressed optimism that the upcoming merger and acquisition will secure a long-term growth trajectory and revitalize the network's media and content competitiveness.

The corporate restructuring stems from financial strain earlier this year, when JTBC defaulted on a 20.6 billion won debt obligation in June. The subsequent ripple effects prompted five key JoongAng Group entities—including the broadcaster itself, JoongAng Holdings, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I—to file for court receivership.

Other group assets, such as JTBC Golf and HLL JoongAng, have similarly been put up for sale. In a related development within the media group, JoongAng Ilbo named a joint consortium consisting of Daou Kiwoom Group and CJ Group as its preferred bidder last month.

[Copyright (c) Global Economic Times. All Rights Reserved.]