Munhwa Ilbo is a daily newspaper in South Korea. It was established in August 1990,[2] and printed its first issue on 1 November 1991.
History
Munhwa Ilbo was formerly owned by the Hyundai; however, Hyundai relinquished their control of the newspaper after the 1997 Asian financial crisis, at the same time as their competitor Hanwha gave up its own daily, the Kyunghyang Shinmun.[3] Munhwa Ilbo was Hyundai's first target for separation as it begin trying to slim down its vast business empire; the divestiture was part of a larger trend at the time of chaebol selling off non-core assets and reducing excessive diversification.[4] The newspaper was officially established as a separate financial entity in May 1998.[2]