BMCC to review YTN major shareholder approval, seeking legal advice

The Broadcasting Media and Communications Committee (BMCC) has embarked on a significant review of its prior decision to approve Eugene Group as the major shareholder of YTN, a move that has been mired in controversy since the Yoon Suk-yeol administration. This re-examination, including the decision to consult external legal experts, signals a potential shift in the handling of media ownership regulations and a response to legal challenges that have questioned the legitimacy of the original approval.

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Given the divided opinions and legal interpretations surrounding key issues such as the Seoul Administrative Court's ruling to revoke the approval of YTN's largest shareholder, we have decided to form a separate external legal advisory group for intensive review.

At Hankyoreh, we view this development with keen interest, recognizing the deep-seated concerns surrounding the forced sale of shares held by state-affiliated entities like KDN and Korea Racing Authority to Eugene Group during the previous administration. The fact that the Seoul Administrative Court previously ruled the approval process unlawful adds considerable weight to the BMCC's current deliberation. While the case is now in its appellate stage, the BMCC's proactive step to seek clarity through legal consultation underscores the complexity and sensitivity of the issue.

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Given the high public interest and the conflicts of interest involved in this important matter, deliberation based on balanced expert review and listening to diverse opinions is necessary to ensure substantive and procedural legitimacy.

The BMCC's internal discussions reveal a divergence of opinions among its members. Some advocate for caution, suggesting a wait-and-see approach until the appellate court's decision, while others emphasize the need for swift action to address the ongoing legal vacuum and potential procedural irregularities. This internal debate highlights the challenges in navigating the legal and political ramifications of the initial shareholder approval.

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Hasty decisions after the first trial ruling could escalate legal disputes. It is necessary to review after observing the second trial results and allowing for a period of deliberation.

Ultimately, the BMCC's external legal review will likely focus on whether the committee can unilaterally revoke the major shareholder approval based on the first instance court's ruling and whether Eugene Group's failure to meet the conditions set during the approval process justifies such a revocation. This process is critical not only for YTN's future but also for the broader principles of fairness and transparency in media regulation in South Korea. Our coverage will continue to scrutinize these developments, ensuring that the public remains informed about the intricate legal and political battles shaping the media landscape.

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Revocation by the committee requires caution. If 7 out of 10 conditions for approval were violated, a corrective order should be issued instead of disqualification; this is something the committee needs to examine.