Shinsegae will join the consortium led by Daou Kiwoom and CJ Group, which has been selected as the preferred bidder for the acquisition of JoongAng Ilbo. This marks a significant collaboration among the broader Samsung family.
According to industry sources on October 20, Shinsegae has confirmed its participation in the consortium for the acquisition of JoongAng Ilbo alongside CJ.
In an official statement, Shinsegae said, "We will jointly participate in the acquisition of JoongAng Ilbo with CJ," adding that Shinsegae will be involved in the consortium in a capacity that respects JoongAng Ilbo's unique identity and expertise while creating synergies with its premium cultural platform and lifestyle content.
Shinsegae is reportedly participating in the consortium as a minority investor rather than seeking management control, and it is expected to become the third-largest shareholder.
Previously, the Daou Kiwoom and CJ Group consortium was selected as the preferred bidder for JoongAng Ilbo on October 19.
Daou Kiwoom initially pursued the acquisition independently but formed a consortium with CJ Group ahead of the final bidding.
The acquisition price proposed by the Daou Kiwoom and CJ Group consortium is reported to be around 500 billion won.
Shinsegae is affiliated with Chairman Jeong Yu-kyung, who oversees Shinsegae Department Store and Shinsegae Duty Free.
JoongAng Ilbo was founded in 1965 by Lee Byung-chul, the founder of Samsung. Lee Jae-hyun, chairman of CJ, is the grandson of the founder, while Jeong Yu-kyung, chairman of Shinsegae, is his granddaughter.
The sale of JoongAng Ilbo will proceed through a capital increase with third-party allocation, with the funds injected by the acquirer expected to be used for improving JoongAng Ilbo's financial structure.
* This article has been translated by AI.
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