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[Apha Biz=(Chicago) Reporter Paul Lee] The new owner of the news channel YTN will be unveiled on the 23rd of next month. As the company plans to select the company that wrote the highest price as the winning bidder immediately, the asset value of YTN's office building in Sangam-dong, Seoul, Namsan Tower and cash holdings has reached about 700 billion won, drawing keen attention to the final sale price.
KEPCO KDN and the Korea Racing Authority, the largest shareholders of YTN, said on the 20th that they will receive bids from candidate companies that want to acquire a stake in YTN from the 21st to the 20th of next month. Due diligence will also be carried out during the bidding application period.
The sale will review the eligibility of the companies that submitted the application and provide a separate bidding notice and close the bidding documents on the 23rd of next month. The final winning bid will be held at the Grand Hyatt Seoul Hotel at 4 p.m. on the same day. In order to ensure fairness, the price written by each bidder will be immediately released on the screen.
The principle is to sell the highest price and does not include qualitative assessments such as the development of the broadcasting industry. Once the winning bidder is decided, the Korea Communications Commission will proceed with the approval process for the acquisition after a board meeting between KEPCO KDN and the Korea Racing Authority and a stock trading contract. Considering the schedule, the sale is expected to be completed as early as the end of the year or January next year at the latest.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
