[Edaily Starin Gim Ga Yeong Reporter] With the Seoul Bankruptcy Court deciding to initiate reorganization proceedings for JTBC, industry attention is now focused on issues such as the sale of the company and broadcast production.

On the 28th of last month, following the Seoul Rehabilitation Court’s decision to commence rehabilitation proceedings, JTBC announced in an official statement that it would “proceed with the sale process.” The company added, “Both management and employees will do their utmost to normalize operations through a swift sale.”
As it enters full-scale rehabilitation proceedings, JTBC must submit a list of creditors to the court by October 8. The period for filing claims runs through November 6; an investigation of claims will then take place through December 4, and a briefing session for interested parties will be held on December 31. The deadline for submitting the final rehabilitation plan has been set for January 29 of next year.
The court has decided not to appoint a separate trustee for these reorganization proceedings. Accordingly, the current CEO will assume the role of court-appointed administrator and lead the process. However, there is a possibility that the administrator could be replaced if management is found to be at fault in the future.
Unlike bankruptcy, rehabilitation is a process in which a company continues operations under the court’s management and supervision while restructuring its debt. Consequently, JTBC will attempt to normalize its operations through asset sales, business restructuring, and debt restructuring with creditors, all while maintaining its broadcasting business.
Given that JTBC is currently airing numerous popular programs and has several upcoming productions that are highly anticipated both within and outside the broadcasting industry, concerns have been raised regarding the network’s production and programming schedules. In response, JTBC stated, “Production and scheduling are proceeding normally,” and the agencies representing many of the cast members appearing in programs currently in production at JTBC also confirmed, “There have been no changes to the current filming schedule, and we are filming the programs as planned.”
However, the possibility cannot be ruled out that additional variables linked to broadcasting regulations—such as the renewal of JTBC’s general programming channel license—may arise. The industry is closely watching how JTBC’s rehabilitation proceedings will unfold, what impact they will have on content production and scheduling, and what repercussions this situation will have on the broadcasting and content industries as a whole.
One broadcasting official commented, “Since JTBC has been the most proactive in content production among general programming channels, if a suitable buyer emerges, it should be able to return to normal operations based on its existing content expertise.”
However, there are also concerns about whether a suitable buyer for JTBC will emerge. Under the Broadcasting Act’s regulations on ownership by large conglomerates, companies with total assets of 10 trillion won or more are prohibited from owning more than 30 percent of a general programming channel. The industry believes that, given JTBC’s scale—which makes it difficult for mid-sized companies to acquire—an amendment to the law is necessary.
Another broadcasting official stated, “Under the current Broadcasting Act, it is unlikely that a company capable of acquiring JTBC will easily emerge,” adding, “This situation calls for institutional support.”