The DaouKiwoom-CJ consortium will sign an agreement Thursday to acquire 520 billion won ($388 million) of new shares in JoongAng Ilbo, making it the newspaper publisher’s largest shareholder. Daou Technology, CJ, Shinsegae and Saramin will contribute 36.5%, 35.7%, 14.1% and 13.7%, respectively. JoongAng Ilbo entered a debt workout program led by Hana Bank and other lenders in July amid liquidity problems at its parent, JoongAng Group. The publisher will receive all proceeds from the share sale to improve its financial health and address debt-related risks. The consortium has pledged to retain all current employees, avoid layoffs, provide a stable working environment, and protect press freedom and editorial independence. Earlier materials described the agreement as being signed on November 5 after conditional approvals. The latest report identifies JoongAng Ilbo’s president as Park Chang-hee, while earlier materials used Park Jang-hee.