Global Sea Group joins bidding for South Korea's JoongAng Ilbo

Global Sea Group, the South Korean conglomerate whose paper arm includes Taerim Paper and Jeonju Paper, has entered the bidding for national newspaper JoongAng Ilbo, according to investment banking sources. The sale is structured as a third-party allotment rights issue, with funding needed for the acquisition and the target's financial normalisation estimated at about USD 184m (KRW 250bn). A shortlist is due at the end of September 2026, and the seller is aiming to complete a debt workout before year end.

Why this mattersA win would extend the group's paper business into a captive newsprint customer just as digital substitution shrinks that market and its own mills pivot toward containerboard and packaging.

• Global Sea Group has joined the bidding for JoongAng Ilbo, sold via a third-party allotment rights issue, with a shortlist due at the end of September 2026
• Funding needed for the acquisition and JoongAng Ilbo's financial normalisation is estimated at about USD 184m (KRW 250bn)
• The group's paper unit, comprising Taerim Paper, T&J Investment and Jeonju Paper, targets 2026 revenue of USD 1.62-1.70bn (KRW 2.2-2.3tn) and EBITDA of USD 207-221m (KRW 280-300bn)
• Holding company Global Sea Co. held USD 15.4m (KRW 20.8bn) of cash against USD 427m (KRW 578.3bn) of current liabilities at end-2025, after two consecutive years of negative operating cash flow
• Group consolidated cash stood at USD 330m (KRW 446.5bn), with a debt-to-equity ratio of 289%
• Global Sea Group acquired Jeonju Paper and Jeonju One Power in 2024 to strengthen its paper business

Relevant to you? Yes No