Woo Oh-hyun, Chairman of SM Group and major shareholder of UBC Ulsan Broadcasting, is expanding his commitment to the values of sharing and coexistence through his "Happy Management" and "Coexistence Management" initiatives to the city of Ulsan. The company aims to extend support to various segments of society, including marginalized groups, descendants of national merit holders, newlyweds, and university students, while also preserving jobs by rescuing companies facing bankruptcy.
According to industry sources on June 14, SM Group plans to donate 50 billion won to Ulsan as part of its commitment to social responsibility, consisting of 40 billion won in cash and 10 billion won in real estate and other goods.
This donation stems from Woo's strong conviction that "businesses must grow alongside their communities, and the happiness of community members is essential for corporate development." He is recognized as a model of true nobless oblige, actively leading efforts to revitalize the local economy.
Ulsan City plans to utilize the funds from SM Group to reduce welfare gaps and significantly improve the quality of life for its citizens. The city is reportedly reviewing various infrastructure projects, including the establishment of lifelong education facilities, expansion of administrative spaces, and the creation of public libraries. This initiative aims to alleviate the administrative and financial burdens on local government while enhancing the convenience of life for residents, setting a successful model for public-private cooperation.
SM Group and Ulsan City have a longstanding relationship. In 2018, SM Group acquired shares of UBC Ulsan Broadcasting, which was struggling financially, helping to bridge the gap between the Gyeongnam and Honam regions and facilitating regional economic recovery. The company has maintained its promise of 100% job retention without restructuring, improving the media outlet's financial structure and achieving profitability in 2023.
The new UBC Ulsan Broadcasting headquarters, set to be completed in July, will feature state-of-the-art UHD (4K) digital media production systems, significantly enhancing the quality of local broadcasting services for Ulsan residents. Additionally, the lower levels of the new building will include an open studio, a media experience center, and relaxation spaces for citizens, creating a new concept of an open, multifunctional broadcasting and cultural space accessible to all Ulsan residents.
An SM Group representative stated, "Chairman Woo Oh-hyun's vision of happy management, which includes scholarship donations to Yeojoo University and support for descendants of national merit holders, has blossomed with this 50 billion won public contribution to Ulsan and the construction of the new UBC Ulsan Broadcasting headquarters. We will continue to provide the best media services and living environments for Ulsan citizens and maintain our warm partnership with the local community."
* This article has been translated by AI.
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