Yujin: "Supporting YTN's Accurate and Fair Reporting... Will Proceed Well with Remaining Procedures"

On the 7th, Broadcasting Commission Expresses Conditional Approval
Acquisition of 30.95% Stake in KEPCO KDN and Korea Racing Authority

On the 7th, Yujin Group stated, “We will spare no support to ensure that YTN, Korea’s representative news channel, can fulfill its fundamental role as a news channel through accurate and fair reporting.”

On the same day, Yujin Group announced this in response to the Korea Communications Commission’s approval of the change in the largest shareholder of YTN, applied for by its special purpose company Yujin ENT, saying, “Following today’s major shareholder approval, we will proceed well with the remaining procedures.”

Previously, Yujin Group’s special purpose company Yujin ENT had applied to the Korea Communications Commission last year for approval of the change in YTN’s largest shareholder. The Commission conditionally approved this on the day. The conditions included appointing outside directors and auditors of Yujin ENT as independent persons unrelated to Yujin ENT’s largest shareholder after the approval of the change in the largest shareholder; appointing YTN’s CEO as a professional manager in the media field and appointing outside directors and auditors as independent persons unrelated to Yujin ENT; and not intervening in YTN’s reporting and programming by forcing favorable reports or promotional articles for Yujin ENT or preventing unfavorable content from being reported.

The sale of YTN’s shares is part of a public institution innovation plan promoted by the government since 2022. Through this, Yujin ENT acquired 30.95% of the shares of KEPCO KDN and Korea Racing Authority.

Yoo Kyung-sun, chairman of Yujin Group, is the figure who expanded the ready-mixed concrete and building materials distribution business, the group’s core business. He became the CEO of Yujin General Development in 1985, taking charge of the ready-mixed concrete business and made the company the industry leader. After serving as chairman of Yujin Corporation, he succeeded his father as group chairman in 2004. Chairman Yoo was also nicknamed the “M&A genius” in the market. Through active mergers and acquisitions, including Korea Cement, Korea Asset Valuation (formerly Korea Bond Valuation), Logen Courier, Hi-Mart, and Dongyang, he elevated the group to the ranks of mid-sized companies and was once ranked within the top 30 business groups. However, after the financial crisis, as the construction market downturn worsened, he sold Logen Courier and Hi-Mart. Even now, Yujin Group consists of about 50 corporations across four business sectors: building materials and distribution, finance, logistics and IT, and leisure and entertainment.