Tcast Merges with Parent Company TRN... Creates 'Media-Commerce Synergy'

Taekwang Group's content and home shopping affiliates combine... Aiming to improve management efficiency

TRN holds 100% stake in Tcast... A 'short-form merger without capital increase' with no new shares issued

Taekwang Group's broadcasting channel (PP) operator Tcast is merging with its parent company, the data home shopping (T-commerce) enterprise TRN, to embark on a full-scale structural improvement and create synergy.

According to the Financial Supervisory Service's Electronic Disclosure System on the 27th, TRN and Tcast each held a board of directors meeting and announced their resolution for TRN to absorb and merge with Tcast. The date of the merger is October 1, 2026.

As TRN owns a 100% stake in its subsidiary Tcast, this merger will be conducted as a 'merger without capital increase' without issuing new shares. Accordingly, the merger ratio is 1 to 0, and there will be no change in the capital of the surviving company, TRN, after the merger.

In addition, from Tcast's perspective, the procedure will be carried out in the form of a 'short-form merger,' which replaces the approval of the general shareholders' meeting with the approval of the board of directors, enabling rapid organizational integration. With the consent of its parent company TRN, which holds a 100% stake in Tcast, the appraisal rights procedure will be omitted.

The purpose of the merger stated by both companies is 'improving management efficiency and creating strategic synergy.'

Significant business synergy is expected as the media capabilities of Tcast, which focuses on broadcasting program production and content supply (E Channel, SCREEN, etc.), combine with the commerce platform infrastructure of TRN, which operates a home shopping business. In particular, it is a strategic move to maximize management efficiency by reducing fixed costs and shortening decision-making steps amid the rapidly changing media and commerce market environment.

As of the end of last year (2025), Tcast maintained a solid financial condition with total assets of 114.7 billion won, sales of 50.2 billion won, and net profit of 3.7 billion won, which is expected to contribute to the external growth of the merged entity.

An official from Tcast stated, "This merger will serve as an opportunity to explore new business models that break down the boundaries between media and commerce, and to further strengthen our competitiveness."