Four YTN directors quit amid ownership dispute

Dec 15, 2025, 09:28 am

		0
A graphic image shows the YTN headquarters in Seoul. / Source: Yonhap News

The controversy surrounding YTN’s ownership deepened after four board members stepped down midway through their terms, following a court ruling that found the broadcasting regulator’s approval of Eugene Group’s takeover unlawful. The company union accused Eugene Group of “forcing out problematic directors in advance” ahead of an expected reassessment of its eligibility as YTN’s largest shareholder.

YTN disclosed in a regulatory filing on Dec. 9 that outside directors Kim Jin-yong, Lee Yeon-joo and Cho Sung-wook, along with non-standing director Kim Jin-goo, had voluntarily resigned citing personal reasons. The YTN branch of the National Union of Mediaworkers labeled all four as figures aligned with Eugene Group.

According to the union, Kim Jin-yong, CEO of Samsung Publishing, is an old friend of Eugene Group Chairman Yoo Kyung-sun, while Lee Yeon-joo, vice director at the Institute of Creative Engineering, previously served with Yoo on the Yonsei University alumni association’s leadership. Cho formerly worked as legal counsel for Eugene Investment & Securities, and Kim Jin-goo previously served as CEO of Eugene ENT, YTN’s largest shareholder, before becoming CEO of another Eugene affiliate.

The union argued their resignations were directly tied to conditions placed on Eugene Group when the former Korea Communications Commission (now the Broadcasting, Media and Telecommunications Commission) approved the takeover last February. Regulators had required that YTN’s outside directors and auditor be independent from Eugene Group.

In a statement on Dec. 10, the union said, “After the court ruled to cancel the approval for Eugene ENT as the largest shareholder and signs emerged that the broadcasting regulator may soon normalize, Eugene Group abruptly shifted its stance.”

The union further criticized Eugene Group for “packing YTN’s board with individuals closely tied to the conglomerate in clear disregard of regulatory guidelines,” adding, “Removing a handful of planted directors now does not conceal the nature of Eugene’s capital.” It also accused the YTN board of neglecting its legal obligation to form a presidential recommendation committee, urging the board to “fulfill its duties so the company can return to normal.”

YTN management, in a Dec. 11 statement, rejected the union’s claims, saying the directors “voluntarily stepped down to prevent unnecessary controversy that could distort the purpose of independent oversight and to allow the company to focus on its long-term vision.” It called allegations of concealing regulatory violations “groundless speculation,” insisting that the approval-condition dispute was “solely the union’s unilateral claim.” The company added that discussions on forming the recommendation committee were proceeding according to legal procedures.

On Nov. 28, the Seoul Administrative Court ruled in favor of YTN’s employee stock ownership association in its lawsuit seeking to overturn the approval of Eugene Group’s change in largest shareholder status. The newly launched broadcasting regulator is now required to reexamine whether Eugene Group should be allowed to acquire YTN.

Eugene Group stated that it could not comment, citing ongoing litigation.

#YTN #Eugene Group #board resignation #ownership review #media union