A consortium led by Daou Technology and CJ is to pay ₩520bn (c.US$388m) for newly issued shares in JoongAng Ilbo, taking control of the South Korean newspaper publisher. Daou Technology disclosed on 4 November 2026 that its board had approved its ₩190bn share of the investment.
Why Daou Technology-led consortium (Daou Technology, CJ Corp., Shinsegae and Saramin) is buying JoongAng Ilbo Co., Ltd. (newly issued shares, controlling stake)
Daou Technology gave business diversification and synergies as the purpose of the investment in its filing. JoongAng Ilbo said it would use the proceeds to strengthen its finances; reports said the ₩520bn exceeds its roughly ₩444bn of financial-sector debt, allowing full repayment.
Deal terms and financing
The consortium will subscribe for new shares through a third-party allotment, so all of the money goes to JoongAng Ilbo rather than existing shareholders. Daou Technology will buy 38m common shares for ₩190bn in cash, giving it 34.36% of the enlarged share capital. Korea Times and Aju Business Daily reported the consortium split as Daou Technology 36.5%, CJ 35.7%, Shinsegae 14.1% and Saramin 13.7%, with the conditional share subscription agreement to be signed on 5 November. The consortium has pledged to keep all employees, honour collective agreements and respect editorial independence.
Regulatory approvals and timing
Daou Technology said completion, scheduled for 23 December 2026, depends on conditions in the share subscription agreement, including merger filing approval from the Fair Trade Commission, a bondholders' resolution and court authorisation. Aju reported that creditor and bondholder approvals are needed and that payment for the shares is due on 23 December.
Market context
JoongAng Ilbo applied for a creditor-led workout with its main lender, Hana Bank, in June after liquidity problems across the JoongAng group, and creditors approved the programme in July. The consortium was named preferred bidder by sale adviser Samil PwC in October. JoongAng Ilbo reported 2025 revenue of about ₩321bn.
