Six companies have submitted letters of intent for management rights of JoongAng Ilbo, which entered a corporate workout in July, while South Korea's Fair Trade Commission is proposing tighter collusion-leniency rules. Orion, Daou Technology, Global Sae-A, OK Financial Group, E Broadcasting and Geumbo Development are expected to make the sale shortlist after Samil PricewaterhouseCoopers closed submissions on Sept. 21, with due diligence expected next month. The sale will use a third-party allotment of newly issued shares, making the successful bidder JoongAng Ilbo's largest shareholder and directing proceeds to the company. Separately, the FTC would preserve a 100% reduction for first self-reports made before an investigation but reduce relief to 75% for the first report after an investigation begins, with the revision targeted for completion in the first quarter of next year.