Three bidders vie for major stake in news channel YTN

Three groups have submitted final bids to buy a major stake in cable news channel YTN, financial sources said Monday, with the results of the bidding expected to be announced later in the day.

In November last year, two state-run firms announced a plan to put their combined 30.95 percent stake in YTN up for sale.

Apparel exporter Hansae Co.; Eugene Group, with businesses ranging from distribution and finance to logistics and entertainment; and the Global Peace Foundation (GPF), established by Moon Hyun-jin, the third son of Moon Sun-myung, the late founder of the Unification Church, have joined the auction, according to the sources.

Samil PricewaterhouseCoopers is managing the deal.

The final bidder and its bidding price require the approval of the Korea Communications Commission. (Yonhap)