CJ and Daou Kiwoom May Form Consortium to Bid for JoongAng Ilbo
Industry sources say CJ Group is weighing a partnership with Daou Kiwoom Group to submit a final bid for JoongAng Ilbo before the Oct. 19 deadline.
Sources familiar with the process indicate that CJ Group is exploring a consortium with Daou Kiwoom Group to compete in the final round of bids for JoongAng Ilbo, with the submission deadline set for Oct. 19. CJ already owns a 9.24% share of the newspaper via its affiliate CJ OliveNetworks, giving it a foothold in the transaction. JoongAng Ilbo entered a creditor-driven workout program in July after facing liquidity pressures within JoongAng Group, prompting it to sell management rights and pursue restructuring.
The company announced on Sept. 29 that it expects to select a preferred bidder by the end of October. Six entities—Global Sae-A, Geumbo Development, Daou Technology, Orion, OK Financial Group and eBroadcasting—participated in the earlier preliminary round.
