More Media Companies Eye Listings on Second Exchange

More newspaper and broadcasting companies want Kosdaq listings.

Sports Today, a vernacular sports newspaper, announced recently that it will seek a Kosdaq listing. The initial public offering will be lead-managed by Samsung Securities Co. The company posted 45 billion won ($34.7 million) of sales and 5 billion won of operating profits last year. It will file for the listing after it sells 30 percent of its largest shareholder's stake to foreign investors.

In March, Hankook Media Group, an affiliate of the Korea Times, took over management control of Han Gil, a trading company listed on the Kosdaq market. Han Gil said it plans to merge with Daily Sports to expand from trading into the media and entertainment business.

YTN, a cable-TV news channel, is waiting for listing approval from Kosdaq market regulators, while Sports Seoul 21, which was spun off from the Korea Daily News in late 1999, is also preparing to go public by the end of this year. Other media companies that are seeking to be listed on the Kosdaq market late this year include Yonhap Infomax, MBN and Pusan Broadcasting System.

Three media companies - SBS, Digital Chosun Ilbo and Dongjak Cable TV - are now traded on the Kosdaq.

by Chung Jeh-won