This article was posted on the ChosunBiz MoneyMove site at 2:37 p.m. on Aug. 8, 2025.
The largest domestic community, DC Inside, has been put on the market. According to global traffic statistics firm SimilarWeb, DC Inside ranks seventh in terms of visitor numbers among all websites in Korea.
While DC Inside is known to be the company of its founder, CEO Kim Yu-sik, the actual largest shareholder is not Kim. It is reported that Kim's equity stake is only about 10%. The company is said to desire a sale price of 200 billion won, but considering the community's characteristics, the candidates for acquisitions are expected to be limited.
On the 8th, according to the investment banking (IB) industry, the real owner of DC Inside, person A, has appointed Samjong KPMG as the lead manager and is pushing for a management rights sale.
DC Inside is the largest internet community established in Korea in 1999. It was incorporated under the name 'Digital Inside' in March 2000, and has since undergone several business transfers and changes in corporate governance to take its current form.
Currently, DC Inside is a 100% subsidiary of Community Connect. The founder and 'figurehead' of DC Inside, CEO Kim, is reported to own only about 10% of Community Connect equity. The remaining 90% is held by individual asset holder A. It is said that the major shareholder changed following legal risks faced by the company, including Kim's embezzlement case in the past.
In 2006, DC Inside attempted a backdoor listing through then publicly listed construction company IC Corporation, during which the managing team, including Kim, was embroiled in an embezzlement scandal. Although Kim is not currently the largest shareholder of DC Inside, he serves as the CEO for both Community Connect and DC Inside.
There have been discussions since last year that DC Inside's major shareholder may pursue a sale of management rights. It was indicated that they would consider selling if a good acquirer emerged. However, the sale price hoped for until last year was reported to be around 100 billion won, which is half the current desired sale price.
To be recognized at a corporate value of 200 billion won, DC Inside must apply a multiple of 22 to its earnings before interest, taxes, depreciation, and amortization (EBITDA) of 9.2 billion won. A price-to-earnings ratio (PER) of 25 must also be applied. This valuation is considered relatively high in Korea, but low compared to the United States. For example, Reddit, which has similar characteristics to DC Inside, has a PER of 88 and an EV/EBITDA of 240.
The candidates for acquisition are expected to be limited. It is reported that the major shareholder hopes that strategic investors (SI) rather than financial investors (FI) will take on the role of acquirer. An IB industry official noted, 'DC Inside is an attractive asset due to its high profit margin and top-tier traffic in Korea,' while adding, 'However, considering that DC Inside is generally a community with strong conservative tendencies, it may be burdensome for an SI to acquire and operate it.'