South Korea's Broadcasting Committee Launches Legal Review of Yujin Group's YTN Shareholding

Gate News message, April 17 — South Korea’s Broadcasting Communications Committee initiated a formal legal review on April 17 regarding Yujin Group’s acquisition of the largest shareholder stake in YTN, a major news broadcaster. The review follows a court ruling last year that invalidated the committee’s 2024 approval of the shareholding change due to procedural violations by two committee members.

Yujin NT acquired YTN shares in 2023 and received the committee’s approval to become the largest shareholder in 2024, replacing state-owned entities Korea Electric Power Corporation and Korea Racing Authority. YTN’s labor union and employee shareholders subsequently filed a lawsuit to overturn the approval, which succeeded in the lower court. Yujin NT appealed the decision, leading to ongoing second-instance proceedings.

The committee decided to establish an external legal advisory panel to examine the legal issues and gather opinions from all stakeholders. Committee member Yoon Seong-ok emphasized the importance of following proper procedures in any new administrative decision, while Committee Chair Kim Jong-chul noted that the committee would conduct balanced expert reviews and hold stakeholder consultations to ensure both substantive and procedural legitimacy.

The committee also discussed enforcement orders regarding delays in appointing board recommendation committees for YTN and YNA (Yonhapnews TV), both of which have failed to comply with amended broadcasting law requirements to establish such committees within three months.