JTBC, once hailed as the broadcaster that transformed Korea’s television drama industry, has entered court-led rehabilitation proceedings, sending shockwaves through the entertainment business and raising concerns about the future of the country’s drama production ecosystem. The network, which produced hit series such as “Itaewon Class,” “The World of the Married,” “SKY Castle” and “Reborn Rich,” had long been regarded as the standard-bearer for premium Korean dramas and a driving force behind the success of the country’s general programming cable channels. Earlier this month, JTBC declared a default after failing to repay 20.6 billion won ($15 million) in asset-backed borrowings that had reached maturity. Industry observers say the immediate cause was its failure to refinance asset-backed securities (ABS) amid prolonged financial difficulties. The crisis quickly spread across the broader JoongAng Group. Listed media company ContentreeJoongAng and cinema operator Megabox JoongAng also entered rehabilitation proceedings, exposing wider liquidity problems within the conglomerate. Hong Jeon
