DaouKiwoom-CJ consortium to sign deal to acquire JoongAng Ilbo this week

What happened: A consortium including CJ, Shinsegae, Daou Technology and Saramin will sign a deal Thursday to acquire debt-laden newspaper publisher JoongAng Ilbo Co. through a new share purchase. Key numbers: 520 billion won ($388 million) in new shares. Stakes: Daou Technology 36.5 percent, CJ Corp. Why it matters: The deal would make the consortium JoongAng Ilbo's largest shareholder. The company will use the proceeds to improve its financial health and address debt risks, and the consortium pledged no layoffs and to guarantee press freedom and editorial independence.

A consortium including CJ, Shinsegae, Daou Technology and Saramin will sign a deal Thursday to acquire debt-laden newspaper publisher JoongAng Ilbo Co. through a new share purchase.

The deal would make the consortium JoongAng Ilbo's largest shareholder. The company will use the proceeds to improve its financial health and address debt risks, and the consortium pledged no layoffs and to guarantee press freedom and editorial independence.