A new owner has finally been found for The Korea Herald - Naeway Economic Daily, the publishing company that owns Korea's leading English language newspaper and its only evening business newspaper.
IKR Kalia, an investment holding company has agreed to pay Wn4.8 billion $3.9 million for a 50% stake in the company as well as assuming Wn37.7 billion in debt. The total transaction value is Wn45.3 billion. According to a company release, The Korea Herald - Naeway Economic Daily had assets in 2001 of Wn54.5 billion. Thus the valuation that Kalia is paying for its stake works out at 17.6% of the asset value.
That this looks cheap is not surprising. The publishing assets have...
