Major South Korean newspaper lines up rescue by tech, food companies

JoongAng Ilbo to sell combined 95% stake to domestic consortium South Korean newspaper JoongAng Ilbo has faced a credit crisis after its parent company filing for rehabilitation in June. (Photo by Ahn Seong-bok) SEOUL -- South Korean newspaper JoongAng Ilbo will raise 520 billion won ($383 million) through a share placement to a group of investors including tech and retail companies after its parent group suffered a cash crunch.