[theqoo] EXCLUSIVE] “WILL WORLD CUP BROADCASTS BE CUT OFF AFTER THE 29TH?”… EVIDENCES SUGGEST JTBC HAS FAILED TO PAY RIGHT FEES TO FIFA

On the 12th, JTBC defaulted on a 20.6 billion won securitized loan after failing to repay it upon maturity; subsequently, along with its major affiliates, including Joongang Holdings, Contentre Joongang, Megabox Joongang, and Joongang P&I, it filed a petition with the court to initiate rehabilitation proceedings. Amid intertwined issues involving broadcast content production, movie theaters, and investments in sports broadcasting rights, a group-wide liquidity crisis has come to the surface.

However, there are still many details that need to be clarified regarding allegations of unpaid broadcasting rights fees. The JoongAng Group has previously stated that its major businesses, including major sports broadcasts, will continue to operate without interruption, and explained that broadcasting rights fees are being paid sequentially in accordance with the contracts. Therefore, further verification is needed regarding whether there have actually been payment delays, the possibility of contractual sanctions from FIFA, and the potential for domestic broadcasts to be suspended.

With the national soccer team still in contention for a spot in the tournament, the uncertainty surrounding the World Cup broadcast rights is causing significant repercussions for both viewers and the broadcasting industry. Given that the domestic World Cup broadcast schedule could be subject to change depending on the outcome of negotiations between JTBC and FIFA, the industry’s attention is focused on the last-minute negotiations between the two sides.