Major South Korean newspaper lines up rescue by tech, food companies

What happened: South Korean newspaper JoongAng Ilbo will raise 520 billion won through a share placement to a group of investors including tech and retail companies, after its parent group suffered a cash crunch. Key numbers: 520 billion won ($383 million); 95% stake to be sold to a domestic consortium; parent company filed for rehabilitation in June. Why it matters: The paper faced a credit crisis after its parent company filed for rehabilitation in June, and the placement brings in a domestic consortium of tech and retail investors.

South Korean newspaper JoongAng Ilbo will raise 520 billion won through a share placement to a group of investors including tech and retail companies, after its parent group suffered a cash crunch.

The paper faced a credit crisis after its parent company filed for rehabilitation in June, and the placement brings in a domestic consortium of tech and retail investors.