Eugene Group, the largest shareholder of YTN, issued a statement saying allegations of a "fire sale" are not true.
On the 7th, Eugene Group told YTN employees, "The process of acquiring YTN was not a 'fire sale.' Rather, from the group's perspective, it was an acquisition based on a strategic decision reflecting YTN's potential growth value and the intention to expand into the content industry as a comprehensive media group," it emphasized.
In 2022, under the Yoon Suk-yeol administration, the government moved to sell YTN equity as part of a public institution reform plan. At the time, Eugene Group, through the special purpose company (SPC) Eugene ENT, acquired stakes held by KEPCO KDN Co. (KDN) and the Korea Racing Authority, becoming the largest shareholder. According to Eugene Group, the acquisition price for YTN then was 24,610 won per share, set above the market assessment.
Eugene Group said it "fully considered not only YTN's current value but also its expected future value," adding, "At the time, YTN's market cap was around 250 billion won, with the share price at about 6,000 won."
It added, "If necessary, we will faithfully comply with any government review procedure," and said, "We will clearly prove the legitimacy and transparency of the procedures."