Eugene Group wins bid to buy major stake in news channel YTN

This file photo taken April 7, 2014, shows YTN's new headquarters named YTN New Square in Sangam, Mapo, in western Seoul. Yonhap

Eugene Group, a mid-sized conglomerate with businesses ranging from distribution to finance, has won a bid to buy a major stake in news channel YTN, financial sources said Monday.

Eugene Group and two others ― apparel exporter Hansae and the Global Peace Foundation, established by Moon Hyun-jin, the third son of Moon Sun-myung, the late founder of the Unification Church ― submitted final bids to buy a 30.95 percent stake in YTN, according to the sources.

Eugene Group reportedly submitted a bidding price of 319.9 billion won ($237 million) for the combined 30.95-percent stake in YTN.

In November last year, two state-run firms ― KEPCO KDN and the Korea Racing Authority (KRA) ― announced a plan to put the stake up for sale.

KEPCO KDN is the information and communication technologies solutions unit of state-run Korea Electric Power Corp. The KRA is the country's sole racing authority by KRA law.

Samil PricewaterhouseCoopers is managing the deal.

The final bidder and its bidding price require the approval of the Korea Communications Commission. (Yonhap)