On the 12th, JTBC, whose credit rating was sharply downgraded after it failed to repay asset-backed borrowings worth $15 million (20 billion KRW), stated, “Today, a non-payment event occurred on some notes,” and added, “We will mobilize every possible measure, both internally and externally, to resolve this situation quickly with a sense of responsibility.”

That day, NICE Credit Rating downgraded the credit rating on unsecured corporate bonds of JTBC from ‘BBB/Negative’ to ‘CCC’. The move followed a recent failure by JTBC to make timely repayment of principal and interest on asset-backed borrowings totaling $15.45 million (20.6 billion KRW), including $4.2 million (5.6 billion KRW) for Mir No. 2 and $11.25 million (15 billion KRW) for Jeil TBC No. 2.

In a statement, JTBC said, “To overcome the liquidity crisis, we have already done our utmost, including entering an emergency management regime to improve operating efficiency,” citing as the reason for the default that “as the media environment has been changing rapidly around digital and OTT, external conditions have deteriorated, including a sharp contraction in the TV broadcasting advertising market.”

JTBC has pursued financial restructuring since 2023, including intensive downsizing. It recorded losses in 2023 of $43.8 million (58.4 billion KRW) and in 2024 of $21.525 million (28.7 billion KRW), but in 2025 it returned to profit with operating income of $2.4 million (3.2 billion KRW).

However, spending about $500 million (700 billion KRW) to acquire broadcasting rights to the Olympics from 2026 through 2032 and to the World Cup through 2030 appears to have been one source of financial burden. It was unable to resell the broadcast rights for the Milan-Cortina d'Ampezzo Winter Olympics held in February to the three terrestrial networks, and for the current North and Central America World Cup it reached a resale agreement only with KBS among the three.

JTBC said, “We will work to resolve this situation as quickly as possible,” adding, “The production and airing of broadcast content, including news and major sports coverage, are all operating normally.”