South Korean broadcaster JTBC has been placed under court-supervised rehabilitation, as the Seoul Bankruptcy Court said the company’s financial collapse was driven by the growth of streaming platforms, a shrinking TV ad market and rising production costs.
The court also cited heavy spending tied to Olympic broadcasting rights and said the parent company, JoongAng Group, was facing a broader liquidity crisis. That ruling ended the company’s attempt at a voluntary settlement process before formal bankruptcy-style supervision.
Under the court’s schedule, JTBC must submit a list of debts by early October, creditors must file claims by early November and the company must present a rehabilitation plan by the end of January next year. The court said the current management will remain in place for now, but could be replaced if fault is later found.
JoongAng Ilbo, the group’s flagship daily newspaper, is still in workout proceedings, while four other JoongAng affiliates have already entered rehabilitation. The decision puts JTBC, once a ratings leader among South Korea’s major cable news channels, into a court-run sales and restructuring process amid the group’s wider financial strain.
