Hong Jeong-do Bows in Apology for JoongAng Group's Management Crisis: "Recovery of Losses Is the Top Priority"

To Employees: "Swift Normalization... All Necessary Measures Will Be Taken"

Hong Jungdo, Vice Chairman of JoongAng Group, has expressed his apologies regarding the holding company, affiliates, and subsidiaries of the group entering court-led rehabilitation procedures. During his statement, which lasted just over three minutes, Vice Chairman Hong bowed four times in apology.

Hong Jungdo, Vice Chairman of JoongAng Group, is bowing his head while making a statement regarding the bankruptcy filing of JoongAng Holdings and other JoongAng Group affiliates at the JoongAng Ilbo building in Mapo-gu, Seoul on June 15, 2026. Photo by Dongju Yoon

On June 15, at the JoongAng Ilbo building in Mapo-gu, Seoul, Vice Chairman Hong stated, "JoongAng Holdings and some affiliates have filed for court rehabilitation proceedings," adding, "I sincerely apologize for causing concern by bringing about this situation." The day before and on the day of his statement, JoongAng Holdings—the holding company of JoongAng Group—along with JTBC, ContentreeJoongAng, MegaboxJoongAng, and JoongAng P&I, filed for commencement of corporate rehabilitation procedures with the Seoul Bankruptcy Court.

Vice Chairman Hong said, "Although the company has done its utmost to maintain business stability, a number of factors—including the deterioration of external economic conditions and a credit rating downgrade leading to a liquidity crunch—have made today’s unavoidable decision inevitable." He continued, "I once again sincerely apologize to the many creditors, shareholders, and other stakeholders of JTBC, Megabox, and ContentreeJoongAng." He added, "We will make it our top priority to recover your losses and will do our utmost until the end."

Hong Jungdo, Vice Chairman of the JoongAng Group, bows his head during a statement regarding the rehabilitation filing of JoongAng Holdings and other affiliates of the JoongAng Group on June 15 at the JoongAng Ilbo building in Mapo-gu, Seoul. Photo by Dongju Yoon

Addressing employees, he said, "I believe this will come as a great shock and source of anxiety," and promised, "We will take all necessary measures for a swift normalization and make every effort to ensure job security."

Vice Chairman Hong also stated, "I hope today’s rehabilitation filing marks a new beginning to safeguard broadcasting as a national asset and to restore stability for our business partners and employees." He emphasized, "I will do everything within my capacity to fulfill my responsibility to the very end." He further stressed, "All of our company’s core operations, including the broadcast of the North and Central America World Cup, will continue to run normally without interruption."

In closing, Vice Chairman Hong said, "I ask for the understanding and cooperation of all those who have supported and cared for JoongAng Group, and I once again offer my sincere apologies."

This content was produced with the assistance of AI translation services.