[Exclusive] Yukyungseon, Chairman of Yujin Group, "I Will Make Strong YTN"

Yu Kyung-sun, Chairwoman of Yujin Group, stated on the 24th that once the acquisition of YTN is finalized, she will make YTN a strong media company.

On the morning of the same day, Chairwoman Yu gave an exclusive interview to Asia Economy on her way to the Yujin Group headquarters in Yeouido, revealing her plans after acquiring YTN.

While she was reserved about questions regarding the background of the YTN acquisition and funding, she responded to the question about how she plans to grow YTN by saying "Strong YTN."

In an official statement released the previous day, Yujin Group announced that it aims to re-enter the broadcasting and content business through acquiring shares of YTN, Korea's leading news channel. Yujin Group began its journey in 1997 by investing in Dream City Broadcasting, a comprehensive cable TV operator in the Bucheon area, and later expanded by acquiring Eunpyeong Broadcasting, growing into a cable TV operator with 400,000 subscribers across Bucheon, Gimpo, and Eunpyeong regions.

At that time, it was the first comprehensive cable TV operator to launch high-speed internet services under its own brand and also attracted 30 million USD from foreign companies. Although it initially aimed to develop the media business as a core sector, it stepped back from the media business in 2006 by selling its shares in Dream City Broadcasting to CJ Home Shopping to acquire Daewoo Construction.

Yujin Group explained, "Yujin significantly grew its cable broadcasting business (SO) in the past, currently operates program provider (PP) businesses such as music broadcasting, and has over 10 years of experience as a private trustee in the public lottery business."

On the previous day, Yujin Group was selected as the final successful bidder for 319.9 billion KRW to acquire 30.95% of YTN shares held by KEPCO KDN and Korea Racing Authority. Once the Korea Communications Commission approves the change of the largest shareholder, the share transfer process will be completed, making Yujin Group the largest shareholder of YTN. Yujin Group stated, "Although we were selected as the preferred negotiator through the bidding process, we will prepare thoroughly as the approval from the Korea Communications Commission is pending," adding, "We will provide further details about future plans at an appropriate time."

Yujin Group traces its origins to Daehung Confectionery, founded in 1954 by founder Yu Jae-pil (currently Honorary Chairman). Daehung Confectionery changed its name to Youngyang Bakery and rapidly expanded by supplying military biscuits. Currently, the group has expanded into various sectors, consisting of over 50 corporations across four business divisions: building materials & distribution, finance, logistics & IT, and leisure & entertainment, employing more than 5,000 staff members. Major affiliates include Yujin Enterprise, Dongyang, Yujin Hanil Fibers, Yujin Investment & Securities, Yujin Investment Futures, Yujin Asset Management, Yujin Logistics, and Pureunsol Golf Club. As of 2021, the group’s revenue was 3.58 trillion KRW, assets totaled 5.43 trillion KRW, and operating profit was 190 billion KRW.