KEPCO KDN, YTN share sale decision

◀ Anchor ▶

It was decided to sell YTN shares held by KEPCO KDN, a subsidiary of KEPCO.

The rationale is that public corporations do not need to own shares of non-work related media companies.

Reporter Noh Kyung-jin will tell you.

◀ Report ▶

KEPCO KDN, a subsidiary of KEPCO, held a board meeting today and decided to sell its stake in YTN.

Currently, shares in YTN are owned by KEPCO KDN, Korea Ginseng Corporation, and the Korea Horse Association, and KDN Korea is the largest shareholder with 21.43%.

Sales began in earnest when the government promoted a public institutions innovation program in August.

The Korea Racing Association, which has a 9.52% stake, is also expected to sell.

[추경호/경제부총리(지난 18일)]

“Let’s sell non-core assets while carrying out various innovation programs, there is no reason for public institutions to have a share in assets (YTN) with such things…”

However, criticism was raised that the sale of YTN shares held by public corporations had other intentions.

In a statement, the YTN trade union criticized that it was a “hasty sale through coercion” and that the “true intention was to ‘dominate the press’.

The Democratic Party protested that the sale of shares in YTN was an attempt to damage the neutrality and independence of the media, calling it a step in privatisation, and criticism also came from the academic world.

[이창현/국민대 언론정보학부 교수]

“Just as the public burden increases when social infrastructure is sold to a private company, selling communication infrastructure for public communication seems like an idea not to listen to the voice of the people.”

The sale of YTN shares is going through the process of setting up a sales manager and finding a buyer after going through a decision by KEPCO, the parent company of KEPCO KDN.

The union said a conservative economic magazine is strongly hoping to take over, and construction companies and private equity funds are also being discussed as acquirers for YTN.

The YTN union emphasized that it will consider the propriety and propriety of all subsequent procedures.

This is Noh Kyung-jin from MBC News.

Video editing: Kim Jong-un

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