Thai news media outlet TOPNEWS has reached a deal with JKN Global Group Public Company Limited (SET: JKN) to provide THB 500 million funding to the latter in exchange for the right to co-produce news reports through JKN’s Channel 18, according to the source who asked not to be named.
The official announcement of this deal is expected to be on September 11, 2023.
Another source close to the matter told “Kaohoon” that the channel name could be changed to TOPNEWS 18 later.
The arrival of TOPNEWS could result in JKN shifting its direct sales through Channel 18 to another renowned direct sales channel, TV Direct.
The source and traders in capital markets expect JKN to use this proceeds to repay its obligation on a partial default debenture JKN239A series that still has an outstanding of THB 443 million.
JKN also has six series of debentures with maturity dates from March next year to 2025 worth more than THB 2,500 million in total.
