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Tuesday, April 23, 2024

Korean American organizations are urging the FCC to stop blocking Asian media group merger

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Multiple groups of Korean American organizations from across the country, including the Korean American Association of New York (KAKA) President Charles Yoon, have sent letters to the Federal Communications Commission (FCC) urging the agency not to block a media group merger being pursued by Standard General Fund Chairman Soo Kim (Korean name Soo Hyung Kim), a first-generation Korean American investor.

In their letter to the FCC, the journalists disagree with the NewsGuild CWA’s argument that “this merger would kill localism and diversity of ownership and create a monopoly for large companies,” which is currently opposing Standard General Fund’s planned acquisition of Virginia-based media group Tegna.

“We do not accept the argument that having Asian American owners of large media outlets does not constitute diversity,” the company said, adding that contrary to NewsGuild CWA’s claims, the acquisition will promote diversity.

As for NewsGuild CWA’s concerns about foreign influence, “Mr. Kim is a U.S. citizen, and allegations of foreign influence are unfounded and slanderous, and raising such issues only serves to fuel xenophobic sentiments against Asians.”

The letter was signed by the Council of Korean Americans (CKA), the Korean American Association of Los Angeles, the Korean American Federation of the District of Columbia, the Korean American Association of Philadelphia, the Korean American Association of New Jersey, the Korean American Association of Connecticut, the Korean American Bar Association of New York, and the Center for Civic Engagement.

In February 2022, Standard General Fund announced that it would purchase Tegna in a deal valued at $5.4 billion ($8.7 billion including debt), but the acquisition has hit a snag as the FCC announced on February 24 of this year that it would hold a hearing on Standard General Fund’s plans to acquire Tegna.

 

BY SHIM JONGMIN [shim.jongmin@koreadailyny.com]