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Daou Kiwoom and CJ consortium chosen as preferred bidder for JoongAng Ilbo

Creditors have selected a consortium for the debt-laden South Korean newspaper publisher. Shinsegae has confirmed its participation, while the proposed acquisition remains unfinished.

Exterior of the JoongAng Ilbo headquarters building in Seoul.
File photograph of the JoongAng Ilbo head office in Seoul, photographed in 2016. Abasaa, JoongAng Ilbo Head Office.JPG (resized and converted to WebP). Public domain.Image sourceImage licence: Public domain
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JoongAng Ilbo’s creditors selected a consortium led by Daou Kiwoom Group and including CJ Group as preferred bidder for the debt-laden South Korean newspaper publisher on October 19, Yonhap News Agency reported, citing industry sources. The selection gives the group the lead in a sale intended to bring fresh capital into the company; it does not complete the acquisition.

The Korea Herald reported that retail group Shinsegae is also part of the consortium. Shinsegae confirmed its participation in a statement, according to the Herald, and said it planned cooperation with CJ while respecting JoongAng Ilbo’s identity and expertise. The Herald described Shinsegae as a financial investor rather than a prospective manager of the newspaper.

Reported offer and proposed ownership

Yonhap put the estimated deal value at 400 billion to 500 billion won, or about $300 million to $375 million. The Korea Herald reported an offer of around 500 billion won and said the consortium beat five rival bidders. Daou Kiwoom is expected to hold half of the bidding consortium, with CJ and Shinsegae splitting the rest, according to the Herald. Those reported consortium stakes are distinct from the newspaper shares the bidders may eventually acquire.

The Herald reported that the proposed transaction would issue new shares to the investors, directing the proceeds to JoongAng Ilbo rather than its existing shareholders. It said Shinsegae was expected to become the publisher’s third-largest shareholder. The reports do not establish final transaction terms or a completion date.

Why JoongAng Ilbo sought an investor

JoongAng Ilbo entered a creditor-led debt workout in July 2026 amid liquidity problems at its parent, JoongAng Group, Yonhap reported. Hana Bank, its main creditor, and other lenders led the process. Creditors suspended debt collection for three months, allowing the publisher to avoid court-led rehabilitation proceedings during that period. The preferred-bidder decision follows that effort to address the company’s finances.

Yonhap reported that JoongAng Holdings, controlled by the JoongAng Group founding family, owns 64.7 percent of the publisher. CJ already holds 9.24 percent through CJ OliveNetworks, according to the Herald. The Herald identified CJ chair Lee Jae-hyun and Shinsegae chair Chung Yu-kyung as grandchildren of Samsung founder Lee Byung-chul, who founded JoongAng Ilbo in 1965. Their companies’ participation brings two branches of that family into the proposed investment.

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