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🇰🇷 South Korea /Economy & Trade

Broadcaster Jang Sung-kyu saddened by JTBC parent company's receivership filing

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • Central Group, which owns media companies like JTBC and JoongAng Ilbo, has filed for court receivership for its holding company and five affiliates, including JTBC.
  • The group's financial difficulties are attributed to poor performance in the broadcasting and film industries, coupled with excessive investment in exclusive broadcasting rights for events like the World Cup and Olympics.
  • JTBC confirmed that broadcasting of the 2026 North and Central America World Cup will proceed without disruption, as the group holds the broadcasting rights.

Broadcaster Jang Sung-kyu expressed his sadness after Central Group, the parent company of media outlets including JTBC and JoongAng Ilbo, filed for court receivership. Jang, who debuted as a JTBC announcer in 2011 and left in 2019, shared his feelings on Instagram.

"What is this? It's heartbreaking that the company that embraced and nurtured me has filed for receivership," Jang wrote. "I sincerely hope they overcome this difficult period and recover."

Central Group Vice Chairman Hong Jung-do announced the court filing for Central Holdings and several affiliates, including JTBC, at a press conference. The five entities seeking receivership are Central Holdings, Contentree JoongAng, Megabox JoongAng, JoongAng P&I, and JTBC.

Analysts suggest that the group's financial woes stem from a downturn in the broadcasting and film sectors, exacerbated by aggressive investments in exclusive broadcasting rights for major sporting events like the World Cup and Olympics. Despite these financial challenges, JTBC assured viewers that coverage of the 2026 World Cup, for which it holds primary broadcasting rights, will continue as planned.

What is this? It's heartbreaking that the company that embraced and nurtured me has filed for receivership. I sincerely hope they overcome this difficult period and recover.

— Jang Sung-kyuBroadcaster Jang Sung-kyu's statement on his personal Instagram account expressing his feelings about the company's situation.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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