Why are CJ Group and Daou Kiwoom Group considering a joint bid for JoongAng Ilbo?

The reported consortium would allow CJ to participate in the acquisition process while it already has a 9.24 percent stake in JoongAng Ilbo through CJ OliveNetworks. The bid comes as the publisher seeks a buyer amid liquidity pressures at its parent group.

When is the final bid for JoongAng Ilbo due, and when will a preferred bidder be selected?

The deadline for final bids is Oct. 19. JoongAng Ilbo said it aims to select a preferred bidder by the end of October.

What does JoongAng Ilbo’s workout program mean for its sale and restructuring?

The workout is a creditor-led debt restructuring process that lets JoongAng Ilbo negotiate with lenders while retaining more control than under court-supervised rehabilitation. The publisher is pursuing management-rights sales and other restructuring measures to restore its financial health.

CJ, Daou Kiwoom may team up for JoongAng Ilbo bid

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Summary

CJ Group is reportedly considering joining Daou Kiwoom Group in a consortium bid for JoongAng Ilbo in Korea ahead of the Oct. 19 final-bid deadline. CJ already holds a 9.24 percent stake through CJ OliveNetworks. JoongAng Ilbo entered a workout program in July and is selling its management rights and pursuing restructuring measures to address liquidity pressures at its parent group.

Key Facts

JoongAng Ilbo said on Sept. 29 that it aims to select a preferred bidder by the end of October.
Six companies reportedly joined the preliminary bidding: Global Sae-A, Geumbo Development, Daou Technology, Orion, OK Financial Group and eBroadcasting.
JoongAng Ilbo entered a creditor-led workout program in July amid liquidity pressures at some JoongAng Group affiliates.
The final bidding deadline is Oct. 19.
A workout allows a company to negotiate debt restructuring with lenders while retaining greater control than under court-supervised rehabilitation.

By Kang Seung-woo

Published Oct 16, 2026 8:35 pm KST

Headquarters of JoongAng Ilbo / Korea Times file

Speculation is growing that CJ Group could team up with Daou Kiwoom Group to bid for control of JoongAng Ilbo, as the newspaper publisher seeks a buyer amid a liquidity crisis at its parent group.

According to industry sources Friday, CJ is reportedly considering forming a consortium with Daou Kiwoom to participate in the final round of bidding for the newspaper. The deadline for final bids is on Oct. 19.

CJ holds a 9.24 percent stake in JoongAng Ilbo through its affiliate CJ OliveNetworks, potentially giving the group an existing foothold in the acquisition process.

JoongAng Ilbo entered a workout program in July amid liquidity pressures at some affiliates of JoongAng Group. The newspaper publisher is pursuing the sale of its management rights and other restructuring measures to restore its financial health.

The company said in a statement on Sept. 29 that it aims to select a preferred bidder by the end of October.

Six companies reportedly participated in the preliminary bidding last month: Global Sae-A, Geumbo Development, Daou Technology, Orion, OK Financial Group and eBroadcasting.

A workout is a creditor-led debt restructuring process that allows a company to negotiate with lenders while retaining greater control over its restructuring than under court-supervised rehabilitation.

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