KCC Approves Yujin ENT's Application for Change of YTN Major Shareholder

The Korea Communications Commission approved the application to change the largest shareholder of the news channel YTN to Eugene ENT on the 7th.

On the same day, the Korea Communications Commission held the 6th committee meeting at the Gwacheon Government Complex and approved the change of YTN's largest investor to Eugene ENT.

Previously, KEPCO KDN held the largest stake of 21.43% in YTN, but after the change, Eugene ENT will hold 30.95%. Eugene ENT is a special purpose corporation funded 51% by Eugene Corporation and 49% by Dongyang.

Last year, when Eugene ENT applied for approval to change the largest shareholder of YTN, the Korea Communications Commission resolved a basic plan to review the application and formed a review committee of eight experts from various fields to conduct the approval review.

The review committee presented an opinion that approval was appropriate and recommended imposing conditions for approval to ensure fairness and public responsibility in broadcasting, as well as securing social credibility and financial capability.

Accordingly, the Korea Communications Commission additionally confirmed investment plans for the realization of fairness and public responsibility in broadcasting and the development of YTN, and after procedures including expert consultation and submission of a compliance memorandum by the applicant, conditionally approved the application on this day.