Builder takes over the Korea Herald

By Jung Min-ho

Jungheung Group Chairman Jung Chang-sun

Herald Group Chairman Hong Jung-wook

A major builder will take over the Korea Herald, one of the country's three English-language dailies, and its Korean-language sister paper Herald Business.

The Jungheung Group, a Gwangju-based construction company in South Jeolla Province, said Wednesday it has signed contracts to secure a 47.8 percent stake in the Herald Group to take control.

The process will be completed by the end of June.

“For the Herald to make a new leap forward, I thought it would need bold investments for its content and mobile (development) … After searching for investors, I chose Jungheung,” Hong Jung-wook, who has led the Herald Group since 2002, said in a message to staff.

He said Jungheung showed its willingness to ensure the papers' editorial independence.

Jungheung, which has assets of 9.5 trillion won ($8 billion), is known for its apartment brand “Jungheung S-Class.”