Yujin Group Acquires YTN for 320 Billion Won

Eugene Enterprises, the holding company of Eugene Group, has been selected as the final successful bidder for the news channel YTN.

According to the investment banking (IB) industry on the 23rd, KEPCO KDN and Korea Racing Authority, the sellers of YTN, chose Eugene Enterprises as the final successful bidder with a bid price of 320 billion KRW.

Eugene Group started in 1954 with a confectionery business, established Eugene General Development in 1979, and laid the foundation of its business by entering the ready-mixed concrete business. Since then, it has expanded into finance and logistics businesses and currently has about 50 affiliates.

The YTN shares for sale this time total 30.95%, combining KEPCO KDN's 21.43% and Korea Racing Authority's 9.52% stakes.

Meanwhile, the National Union of Mediaworkers and the YTN branch of the Media Union held a press conference in front of the Hyatt Hotel, where the bidding took place, condemning the share sale process as rife with illegality and calling for a parliamentary-level state audit.

Earlier, on the 20th, three companies submitted bid applications to the sale advisory firm Samil Accounting Corporation: Hanse Industrial, Eugene Group, and One Korea Media Holdings led by Moon Hyun-jin, the third son of the Unification Church founder.