JTBC to pick preferred bidder in January as sale process opens
The broadcaster invited potential buyers to submit letters of intent over the next four weeks as it seeks outside capital.
Debt-ridden South Korean broadcaster JTBC plans to pick a preferred bidder in January for its planned sale, the company said Monday, South Korea's national news agency Yonhap reported.
The company published an official notice for the sale, and EY Hanyoung, the accounting firm advising on the deal, said the sale will bring in outside capital through an open competitive bidding process.
Interested buyers can send in letters of intent during the coming four weeks.
JTBC said it will run the process in a "transparent and fair" way, in line with applicable laws and the procedures of the rehabilitation court.
Through the deal, the broadcaster said it hopes to build a sustainable base for growth and strengthen its content and channel competitiveness.
The notice came about two months after the Seoul Bankruptcy Court approved JTBC's request in late August to begin rehabilitation proceedings, which allow the company to restructure its debts under court supervision.
JTBC operates cable and satellite news and entertainment channels in South Korea, and its financial difficulties have made it one of the more closely watched media companies in the country.
Corporate rehabilitation in South Korea is a court-supervised process that lets a financially distressed company keep operating while it reorganizes its debts and business.
