▲ The headquarters of Yonhap News Agency in downtown Seoul is seen in this undated file photo. (Yonhap)

Yonhap News TV-shareholder

DP denounces education foundation's attempt to become Yonhap News TV's largest shareholder

SEOUL, Nov. 17 (Yonhap) -- The main opposition Democratic Party (DP) on Friday strongly denounced a local education foundation's attempt to take over control of Yonhap News TV, saying the foundation is exploiting loopholes in the communications law.

Eulji Education Foundation has increased its share in Yonhap News TV, a 24-hour news channel affiliated with Yonhap News Agency, to 30.08 percent and is seeking approval from the watchdog Korea Communications Commission (KCC) to become the broadcaster's biggest shareholder.

Yonhap New Agency, South Korea's key news wire agency, is currently No. 1 shareholder of the TV channel with a 29.89 percent share, slightly below the 30 percent cap stipulated by the broadcasting law.

Senior DP spokesperson Kwon Chil-seung urged the KCC to stop the review process, citing the education foundation's ethical lapses, raising suspicions that the move could be part of the Yoon Suk Yeol government's attempt to increase influence over broadcasting stations.

"It is a coup to forcibly take over Yonhap News TV by exploiting the broadcasting law that prohibits media companies from acquiring over a 30 percent share in broadcasters," Rep. Kwon said in a briefing at the National Assembly.

Kwon said Eulji Medical School's handing over of its shares to the education foundation to help its takeover bid is an act of cheating that could constitute a violation of the Medical Service Act.

Kwon also said that Park Joon-young, chairman of the Eulji Foundation, has a record of drug convictions for taking the narcotic painkiller pethidine 3,161 times, noting that the Yoon administration is cracking down on drug criminals.

In 2018, Park was sentenced to 1 1/2 years in prison, suspended for three years.

The DP last month submitted a motion to impeach KCC chief Lee Dong-kwan, accusing him of unfair personnel decisions and appointments aimed at increasing government influence over broadcasting stations, though the party withdrew the motion in an attempt to pass it later.

An umbrella media labor union also urged the KCC to halt its review process, calling its move a part of the government's attempt to exert bigger influence on broadcasters ahead of April's parliamentary elections.

"(The KCC's) review process is aimed at gaining control of media channels indirectly through a change in major shareholders and to boost the approval ratings of the government's dismal ratings," the union said in a statement.

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