Regulator shelves decision on education foundation's bid to become top shareholder of Yonhap News TV
Korea Communications Commission Chairman Lee Dong-kwan presides meeting in Government Complex Gwacheon, Gyeonggi province, Nov. 29. Yonhap
The broadcasting regulator on Wednesday shelved a decision on whether to allow an education foundation to become the largest shareholder of a 24-hour news cable channel affiliated with Yonhap News Agency.
The Korea Communications Commission (KCC) said it has put on hold its decision on the matter as it needs to share its deliberation committee's opinion with Eulji Education Foundation and take necessary measures before officially announcing the result.
Earlier this month, the education foundation filed the request with the KCC to be recognized as the largest shareholder of Yonhap News TV in a bid to take control of the channel.
Yonhap News Agency, South Korea's key news wire agency, is currently the No. 1 shareholder of Yonhap News TV with a 29.89 percent share, slightly below the 30 percent cap stipulated by the Broadcasting Act.
Exploiting the loophole, Eulji has increased its share to 30.08 percent and was awaiting the KCC's approval.
Yonhap has accused Eulji of pushing for a hostile takeover of its TV affiliate, calling on the KCC to block the education foundation's move as it can "greatly damage" the business stability of broadcasting stations in the future. (Yonhap)