Troubled broadcaster JTBC to select preferred bidder in January

Debt-ridden Korean broadcaster JTBC plans to select a preferred bidder in January, the company said Monday, putting up its official notice for the envisioned sale. The sale will be conducted through an open competitive bidding process through the injection of external capital, EY Hanyoung, the accounting firm advising the sale, said in the notice. Potential bidders can submit their letter of intent over the next four weeks. JTBC said it will conduct the sale in a "transparent and fair" manner in accordance with relevant laws and rehabilitation court procedures. "Through the merger and acquisition, we hope to establish a sustainable base for growth and strengthen content and channel competitiveness," the broadcaster said. The sale notice came some two months after the Seoul Bankruptcy Court approved JTBC's request to begin rehabilitation proceedings in late August, allowing the company to restructure its debts under court supervision.