According to industry sources, accounting firm Samil PricewaterhouseCoopers, which is overseeing the sale, picked the consortium from among six bidders competing to acquire the newspaper.
The selection marks a major step in the JoongAng Ilbo's restructuring, just three months after the financially troubled daily entered a debt workout program.
Daou Kiwoom, which had initially pursued the acquisition on its own, reportedly teamed up with CJ ahead of the final bidding round.
The consortium is said to have proposed about 500 billion won (US$350 million), while most other bidders reportedly offered between 300 billion and 400 billion won.
After struggling with prolonged financial difficulties, the JoongAng Ilbo filed for a debt workout program in July, which gives it time to negotiate with creditors and avoid court-led rehabilitation. Hana Bank, its main creditor, is working with other creditors to oversee the restructuring and sale.
The selection of the preferred bidder does not mean the acquisition is complete, as the consortium still needs to finalize an agreement to buy newly issued shares and complete the remaining procedures, with the proceeds going directly to the newspaper to help repay its debt and improve its financial stability.
The JoongAng Ilbo and its creditors are hoping to complete the sale by the end of this year.
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