Eugene to turn Namsan Tower into K-brand media space, drawing 12 million visitors a year

Eugene Group will bring YTN Seoul Tower under direct management starting Jan. 1 next year, ending two decades of outsourced operations. The conglomerate plans to run Namsan Tower itself and develop it into a "media space" where K-brands and global brands can carry out marketing activities.

Kang Hee-seok, CEO of Eugene ENT, said at a press briefing Thursday at Eugene's headquarters in Yeouido, Seoul, that one of the biggest changes coming to YTN next year would be the direct operation of Namsan Tower. "From a business perspective, things will be quite different," he said.

Kang said the tower had been managed externally under a master lease arrangement for the past 20 years, with YTN receiving only a management fee. "Starting Jan. 1 next year, it will be brought in-house, which will be a real benefit for YTN," he said.

Eugene Group is redefining Namsan Tower as an offline media space that combines brand presence with content. Kang said the tower had become deeply embedded in public consciousness following the success of "K-Pop Demon Hunters," adding that about 12 million people visit each year and that the share of foreign visitors is steadily rising.

"I want to turn this place into a media venue where K-brands can market themselves to the world," he said. "If you come to Seoul, you'll find it has become an incredibly hip city. Global luxury brands and fresh, trendy brands all want to do something here."

Full-scale development will take time, however. The area around Namsan Tower is crossed by a historic fortress wall, meaning any work must go through cultural heritage reviews and regulatory approvals. "There are Cultural Heritage Administration reviews and various regulations to work through, and we plan to address them step by step," Kang said.

In the near term, the focus for next year will be upgrading aging facilities. Kang said the immediate priority was small-scale improvements to make the space more comfortable for visitors, with more detailed plans to follow once regulatory reviews are completed.

The direct operation of Namsan Tower is one pillar of the broader media expansion strategy Eugene Group announced Thursday. The group plans to invest 2 trillion won in its media division over the next 10 years and aims to reach 500 billion won in media sales within five years. It also said it would acquire specialist media outlets in the K-lifestyle space, convert existing media operations to AI-driven models, and establish a content fund.

On the revenue model for its media business, Kang said reducing dependence on traditional TV advertising was a practical priority. "The businesses I want to pursue are data and offline events," he said. The move to directly operate Namsan Tower is part of a broader effort to diversify revenue by combining physical space, content and brand marketing, moving away from an advertising-dependent broadcasting model.

Kang said YTN, as a news-only channel, must uphold the public interest principles enshrined in broadcasting law. "I don't want to touch the trust foundation that YTN has built," he said. He added that while Namsan Tower is not a media outlet in the traditional sense, it functions as one by virtue of its strong ability to draw people together as a physical space.

Eugene Group said it is in talks with multiple domestic and overseas operators to secure additional media assets in the K-lifestyle sector. Kang said discussions with several parties were under way, though acquisition was not necessarily the only path. "It doesn't have to be an outright acquisition," he said.

He said the group was also exploring joint ventures and equity investments to build a local presence. "I can say things are moving along actively," he said. Eugene Group is considering pairing editorially credible media platforms with K-culture and K-industry content once suitable outlets are secured.

Kang drew a line, however, at acquiring major domestic dailies such as JoongAng Ilbo. Asked directly about the possibility, he pointed to ownership restrictions under broadcasting law. "If you own a daily newspaper, your stake is capped at 30 percent. JoongAng Ilbo already holds 30 percent of JTBC — that would mean we'd have to sell 10 percent. That's not happening," he said. Under current broadcasting law, companies that operate daily newspapers face limits on their stakes in news-only channels, making it effectively impossible for Eugene Group, which owns YTN, to acquire a major daily.