South Korea's Broadcast Media Telecommunications Commission has formed a task force related to comprehensive programming channel JTBC's application for rehabilitation procedures.
At the commission's 18th plenary meeting on June 18, Chairman Kim Jong-cheol (김종철) said of JTBC's financial crisis, "We have formed a task force and are monitoring it at all times." He added, "A rehabilitation filing has occurred by the World Cup host broadcaster, and amid controversy over universal viewing rights, we will closely examine it so there is no disruption to preparations."
The chairman's remarks came in response to concerns raised earlier by commissioners.
Commissioner Choi Soo-young (최수영) said, "There is a media re-licensing and re-approval process, and they say they have submitted materials to the rehabilitation court." He added, "We need to receive these materials and check the reasons, the status of short-term borrowings, and self-rescue plans such as programs that encourage autonomy in transactions between affiliates." He said, "Monitoring is important, but the commission needs to receive actual materials, prepare by scenario and come up with response measures."
Commissioner Lee Sang-geun (이상근) also said, "We should review holding a hearing for the CEO to re-establish its standing," and added, "We need to hear their views directly."
Commissioner Yoon Sung-ok (윤성옥) said, "We should be concerned about creating excessive sense of crisis or jeopardising public responsibilities," adding, "It should be balanced."
Chairman Kim said, "JTBC's financial crisis is an important pending issue in the broadcasting environment." He added, "We are continuing close communication with the company and are seeking cooperation regarding the submission of materials."
At the same day's meeting, the commission approved corrective orders for terrestrial broadcasters that violated re-licensing conditions. KBS was found to have violated its obligation to disclose sponsorships, and TBC and OBS were found to have failed to implement regulations on the establishment of an auditor and an audit committee.
The commission imposed an administrative fine of 10 million won on programme provider (PP) IHQ for failing to submit materials for public disclosure of its property status. It adopted the Korea Press Foundation's 'Media Audience Survey' as the daily newspaper subscription rate indicator to be used in calculating 2025 audience share.
JTBC has filed for rehabilitation procedures along with other JungAng Group affiliates, including JungAng Holdings, Contentree JoongAng, Megabox JoongAng and JungAng P&I. The Seoul Rehabilitation Court is scheduled to hold a hearing date on June 23 to question JTBC's representative.