JTBC Sale Gains Momentum, Open-Bidding Notice Could Come as Early as Next Week

Pursuing an M&A Before Rehabilitation Plan Approval

A view of JTBC Studio Ilsan. Yonhap News.

JTBC, a general programming channel currently undergoing corporate rehabilitation proceedings, is pursuing a sale through an open competitive bidding process.

According to investment banking (IB) industry sources on November 3, JTBC applied to the Seoul Bankruptcy Court for approval of a draft sale notice and instructions for submitting letters of intent (LOIs). If the court grants approval, the company plans to issue the sale notice as early as early next week and begin accepting LOIs and conducting preliminary due diligence. EY Han Young is serving as the sale advisor.

JTBC is pursuing a pre-approval merger and acquisition (M&A), in which it will select a buyer before its rehabilitation plan is approved and use the acquisition proceeds to repay rehabilitation claims. The company defaulted in June 2026 after failing to repay 20.6 billion won in asset-backed borrowings at maturity, and the court approved the commencement of rehabilitation proceedings on August 28, 2026. The court cited a contraction in the broadcast advertising market, rising production costs, and spending on Olympic broadcast rights as causes of the company’s financial difficulties.

Factors that could affect the sale include restrictions on share ownership applicable to general programming channels and the need for approval from the Broadcasting and Media Communications Commission for a change in the largest shareholder. JTBC’s deadline to submit its rehabilitation plan is January 29, 2027.

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