The share price of JKN Global Group Public Company Limited (SET: JKN) rose as much as 21% at the open after the company announced earlier this morning that it had collaborated with Thai local media “Top News” to co-produce a program on channel 18 in which the company will receive mutually beneficial compensation.
The market expected JKN to book a fair amount of funding after allowing Top News to produce their shows on channel 18, while maintaining its broadcasting license as well. This “compensation” is expected to be enough to pay its obligation on the outstanding balance of THB 443 million from its JKN239A Debenture.
JKN’s share price fell 50% after the news broke out of its partial default, plunging five out of the last seven trading days. The share price is trading at THB 1.35 per share, increased THB 0.18 or 15.38%.
Earlier this morning, JKN clarified that the company has reached an agreement with Top News Digital Media Company Limited (Top News) to collaborate on the production of news and information programs to be broadcast on the JKN18 channel between JKNBL and Top News.
Currently, the program schedule is being finalized to allocate broadcast times. Through mutual agreement, the company will receive fair and mutually beneficial compensation terms that maximize benefits for the company. Furthermore, it’s noteworthy that JKNBL retains the rights to operate a broadcasting or television business from the National Television and Telecommunications Commission (NBTC), as previously granted, and has not divested any rights to operate a broadcasting or television business, contrary to what may have been published in news reports from various media.
JKN noted that the collaborative production of this program is expected to bolster the JKN18 channel’s business. The company brings expertise in entertainment programs, as well as economic, financial, and investment news programs. On the other hand, Top News specializes in news information programming. This blend of expertise from both parties is expected to enhance viewership and broaden the JKN18 channel’s audience base significantly. It will also contribute to the company’s business growth, bolstering its strength and ensuring a steady and sustainable trajectory for the future.
