Yonhap News Opposes Eulji Education Foundation’s Takeover Bid of TV Affiliate

Seoul – Yonhap News Agency has urged the Korea Communications Commission (KCC) to reject the Eulji Education Foundation’s attempt to gain control of its 24-hour cable news channel affiliate. Yonhap, South Korea’s leading news wire agency, submitted its concerns to the KCC on Wednesday, following Eulji Education Foundation’s request to be recognized as the largest shareholder of Yonhap News TV. The news agency cited “grave disqualifications” of Eulji in its statement.

According to Yonhap News Agency, Currently, Yonhap News Agency is the largest shareholder of Yonhap News TV, holding a 29.89 percent share, just below the 30 percent cap set by the Broadcasting Act. However, Eulji Education Foundation has increased its share to 30.08 percent and is now awaiting approval from the KCC. Yonhap has accused Eulji of attempting a hostile takeover, expressing concerns that such a move could destabilize the business environment for broadcasting stations in the future and set a precedent for similar hostile takeovers in the media industry.

Additionally, Yonhap has filed a legal complaint against Eulji Education Foundation Chairman Park Joon-young and his wife, Hong Sung-hee, chairwoman of Eulji Medical Center, accusing them of breach of trust. The couple allegedly facilitated the transfer of 600,000 shares from the medical center to the education foundation, aiding its bid to become Yonhap News TV’s largest shareholder. Yonhap also highlighted Park’s past criminal record, questioning the appropriateness of his foundation operating a news channel and expressing concern over potential damage to Yonhap News TV’s reputation and shareholder value.