YTN

In 1993, South Korea’s media landscape was on the verge of a major shift with the impending launch of cable television. Seizing this moment, Yonhap News Agency founded Yonhap Television News, or YTN, on September 14, 1993, with the goal of creating the nation's first 24-hour news channel. The channel officially began broadcasting on March 1, 1995, aiming to become the “Korean CNN.” Just a few years into its operation, the 1997 East Asian Financial Crisis plunged the station into financial trouble. This led to a significant ownership change, with Korea Electric Power Corporation (KEPCO) acquiring a major stake. Over the years, other government-owned corporations also invested, turning YTN into a quasi-publicly owned broadcaster. This structure remained for decades, with the company listing on the KOSDAQ market in 2001. A new chapter began in late 2023 when Eugene Group, a construction and finance conglomerate, won the bid to acquire a 30.95% stake for approximately 320 billion won. The deal, which marked the privatization of the news channel, was approved by the Korea Communications Commission in February 2024, making Eugene Group the largest shareholder. Following the acquisition, Eugene Group injected further capital into YTN to invest in technology and digital media, solidifying its new ownership.