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Jungheung Construction acquires Herald Co.

중흥건설헤럴드경제·코리아헤럴드 인수키로

Jungheung Construction acquires Herald Co.

 

Herald Co., the media group publishing Herald Business and the Korea Herald has been sold to Jungheung Construction.

 

Jungheung Construction is a Gwangju and Jeollanamdo based construction firm and has a local newspaper Namdo Ilbo as its affiliate.

 

The company announced on Wednesday that it signed an agreement to take over a 47.8% stake in the media group from Chairman Hong Jeong Wook and other major shareholders.

 

The Heralds chairman also made the sale public through an email to the employees.

 

Hong explained the decision was made for bold investment in mobile and contents and to manage risks.

 

Hong will still own a 5% stake in the Herald for stable management of the company and take over food and beverage affiliates from the Herald.

 

Jungheung will still respect the Heralds rights to edit, manage and employ its own staff.

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