JTBC faces its biggest plot twist yet, puts management up for sale
From internationally popular K-dramas such as Itaewon Class and The World of the Married to hit series Reborn Rich and King the Land, JTBC has built a recognizable name in South Korean entertainment. Now, the broadcaster is looking for fresh investment as it undergoes corporate rehabilitation.
South Korean broadcaster JTBC has formally launched a competitive bidding process to sell its management control, opening the door for potential investors to take over the company and provide much-needed financial support.
The process was announced on Nov. 9 by EY Hanyoung Accounting Corporation, JTBC's appointed sale manager. Interested parties have until Dec. 4 to submit letters of intent, followed by preliminary due diligence and final acquisition proposals. A preferred buyer is expected to be selected in January 2027.
Named Fanomenon Co., the newly established company began operations with 4 billion won (approximately $3 million) in paid-in capital, comprising 800,000 common shares valued at 5,000 won each. Its articles of incorporation authorize up to 5 million shares, allowing its capital to reach 25 billion won.
The transaction will proceed through an open, competitive bidding process, "by attracting external capital through a third-party allotment paid-in capital increase and bond issuance," according to EY Hanyoung.
Unlike a conventional acquisition involving the transfer of existing shareholders' stakes, the proposed deal centers on bringing fresh capital into JTBC. The successful bidder is expected to provide new funding in exchange for gaining management control of the broadcaster.
Preliminary due diligence for qualified candidates is scheduled from Dec. 7 to Jan. 8, 2027, while the deadline for final acquisition proposals is Jan. 15. Financial capacity and proposed business operations are expected to be among the key considerations in selecting the preferred negotiating partner.
A network behind some of K-drama's biggest hits
For international audiences, JTBC is more than a South Korean television broadcaster. It is also behind several dramas that have become part of the global Korean entertainment conversation.
Its drama portfolio includes SKY Castle, the gripping social satire about academic pressure and wealthy families; The World of the Married, a relationship drama that became one of South Korea's highest-rated cable television series; and Itaewon Class, which followed a young entrepreneur's pursuit of success and revenge.
Other notable titles include the fantasy romance Strong Woman Do Bong-soon, the romantic drama Something in the Rain, the coming-of-age series My Liberation Notes, and the internationally popular Snowdrop, starring BLACKPINK's Jisoo and Jung Hae-in.
The network also delivered major hits such as Reborn Rich, a revenge drama about corporate succession; Doctor Cha, which explored a woman's return to medicine after years of family responsibilities; and King the Land, a romantic comedy starring Lee Junho and YoonA.
Its more recent offerings include Welcome to Samdal-ri, The Good Bad Mother, The Tale of Lady Ok, The Atypical Family and Beyond the Bar, further expanding its range of romance, family drama, fantasy and legal storytelling.
Several of these productions have also achieved impressive domestic television ratings. The World of the Married, Reborn Rich, SKY Castle, Doctor Cha and Itaewon Class are among JTBC's highest-rated dramas, demonstrating the network's contribution to South Korea's television industry.
According to JoongAng Group's official company profile, JTBC's content portfolio also includes popular variety programs such as Knowing Bros, Chef & My Fridge and Talk Pawon 25 O'Clock.
The planned sale comes at a critical time for the broadcaster as it seeks to stabilize its finances while maintaining its position in South Korea's competitive media and entertainment industry.