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[Alpha Biz=(Chicago) Reporter Paul Lee] The Korea Communications Commission will begin the process of reviewing the approval of YTN (040300) to change its largest shareholder.
The Korea Communications Commission (KCC) held a general meeting on the 16th to approve the change of the largest investor of the broadcasting channel operator. Earlier on the 10th, YTN signed a contract with KEPCO KDN, the largest shareholder, to sell 13 million shares held by its shareholder, the Korea Racing Authority, to Eugene ENT. In response, Eugene applied to the Korea Communications Commission on the 15th for approval to change the largest investor, and a basic plan to review it was approved on the same day.
The Korea Communications Commission will examine whether Eugene, the applicant corporation, can realize the public responsibility and fairness of broadcasting, the appropriateness of its broadcasting business goal and vision, and ways to secure fairness in news programs. The screening committee will be composed of not more than eight people, including related experts.
It is also planning to fully discuss the issues pointed out by the National Assembly and the media. As there has been controversy over the eligibility of major shareholders recently, the company will also listen to the actual management manager of the applied corporation. In hearing opinions, the overall matters, such as the willingness of the news channel to realize public responsibility and detailed management plans in the future, shall be confirmed.
In addition, it plans to examine whether to approve the change of the largest investor of Yonhap News TV, a news channel.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
