A Seoul court has nullified the now-defunct Korea Communications Commission's(KCC) 2024 approval of Eugene ENT's bid to become the largest shareholder of broadcaster YTN.

The Seoul Administrative Court on Friday sided with YTN's employee shareholder association, which had sued to block the move.

In its ruling, the court said the KCC had approved the acquisition with only two committee members present, rendering its decision unlawful.

The court dismissed a separate suit filed by YTN's labor union, finding the plaintiff lacked standing.

KCC approved Eugene ENT's acquisition of a 30-point-95 percent stake to become YTN’s largest shareholder on February 7 of last year. The state-run KEPCO KDN and the Korea Racing Authority had previously owned the shares.

Eugene ENT is an affiliate of Eugene Group, a midsize conglomerate known for its diverse business portfolio spanning logistics and finance. Eugene Group earlier acquired 30-point-95 percent of YTN's shares held by state-run KEPCO KDN.