Eugene Group will invest more than 2 trillion won over the next 10 years to make media a new growth pillar for the group, spurred by its acquisition of YTN. It is also considering additional acquisitions of media specializing in K-lifestyle, with a plan to build a media-based integrated platform that combines content, data, commerce and events.
Eugene ENT, Eugene Group's intermediate holding company for media, held a press briefing at the group's headquarters in Yeouido, Seoul, on the 9th and announced the "Eugene Group media business vision."
Kang Hee-seok, CEO of Eugene ENT, said, "There are limits to the growth of the media industry with the traditional model of producing news and content and attaching ads," and added, "We will build a structure that expands business areas based on the trust that media brands have.".
Eugene Group plans to invest more than 2 trillion won in the media field going forward. It will inject 1.2 trillion won into content and 800 billion won into business. It will conduct a rights offering of 30 billion won this year for Eugene ENT to grow it into the core company for expanding the media business.
It is also reviewing additional acquisitions. Eugene Group is leaving the door open to newly acquiring media specializing in K-lifestyle or pursuing equity investments and joint ventures (JV). Kang said, "We are talking with several outlets," and added, "We are reviewing various methods, including not only acquisitions but also JVs and equity investments."
It will also increase investment in YTN, the all-news channel it acquired earlier. While maintaining YTN's editorial and reporting independence, Eugene Group plans to expand investment in production infrastructure, data analytics capabilities and business expansion. Kang cited infrastructure investments such as the Namsan Tower space development project, strengthening investigative and in-depth reporting capabilities, and expanding industry data analysis functions.
The media business model envisioned by Eugene Group does not stop at simple broadcasting and content production. After securing media brands, it aims to bolster competitiveness by injecting capital, production infrastructure and technology, and then expand into adjacent businesses such as data, events and commerce.
Eugene Group is looking to the example of Penske Media Corporation (PMC) in the United States. PMC has grown businesses in data, live events and licensing based on media brands such as Billboard and Variety.
Kang said, "After acquiring media brands that have trust, we will reinvest in the core competitiveness those brands have built," and added, "We will upgrade media functions through digital transformation and AI transformation of content production processes."
Eugene Group sees greater growth opportunities in the economy, industry, culture and arts than in politics news. The group's goal is to build a platform that promotes K-culture industries such as semiconductors, shipbuilding, defense, entertainment, K-beauty, fashion and travel overseas, and helps domestic corporations expand abroad.
Kang said, "We will build a media-based integrated platform that provides content and data on K-industries and connects capital and global networks." Centered on YTN, Eugene ENT and Studio Eugenia, Eugene Group has set a goal of achieving more than 500 billion won in media institutional sector revenue within five years.