[Sportschosun Kim Jun-seok] JTBC's cash crunch, as the broadcaster goes through corporate rehabilitation, has finally spread to its production sites. Delays in paying appearance fees to cast members of its flagship entertainment shows are now causing real-world damage as the rehabilitation process takes its toll.
According to the broadcasting industry on the 28th, some cast members and agencies that appeared on JTBC's popular variety shows, including "Knowing Bros," "Please Take Care of My Refrigerator," and "Divorce Camp," did not receive their appearance fees on the promised date.
JTBC reportedly contacted each agency individually after the settlements were not completed, asking for an extension of the payment deadline and seeking their understanding.
A JTBC official said, "Some settlement payments were delayed during the corporate rehabilitation process," adding, "We are now making payments sequentially in line with court approval and related administrative procedures."
The delay in appearance fee payments is being seen as a clear sign of JTBC's recent liquidity crisis.
On the 12th, JTBC declared default after failing to repay 20.6 billion won in asset-backed borrowing that had matured that day.
It then filed for corporate rehabilitation with the Seoul Bankruptcy Court on the 15th. On the same day, major affiliates including JoongAng Holdings, ContentreeJoongAng, Megabox Joongang, and Jungang P&I also applied for rehabilitation proceedings.
At the time, Hong Jeong-do, vice chairman of JoongAng Group, held an emergency press conference and apologized, saying, "I sincerely apologize for causing controversy by creating today's situation." He added, "We will make recovering the damage suffered by creditors, shareholders, and other stakeholders our top priority and do our utmost to the very end."
However, less than two weeks after the rehabilitation filing, delays in paying variety show appearance fees are raising concerns on production sets.
The cash shortage appears to be spreading across content production as a whole. A new drama, "Love Rediscovered," recently halted production unexpectedly in the early stages of filming, prompting speculation in the industry that it may be linked to funding problems. JTBC, however, said it was simply a reorganization to improve the quality of the script.
As the rehabilitation process continues, repeated delays in appearance fee payments and concerns over production disruptions are mounting. The broadcasting industry is closely watching how JTBC's management normalization and rehabilitation proceedings will affect content production and settlements with cast members.
narusi@sportschosun.com
