The state broadcasting watchdog approved on Wednesday the change of local news broadcaster YTN's biggest shareholder to Eugene ENT, an affiliate of mid-sized conglomerate Eugene Group, signaling the start of YTN's privatization process.

The eight-member review committee of the Korea Communications Commission(KCC) had previously recommended granting the approval with preconditions regarding broadcasting fairness, fulfillment of public responsibility, and guarantee of social credibility and financial capability.

Under Wednesday's approval, the KCC required Eugene ENT to appoint a professional manager with media experience as the new head of the broadcaster, and to recruit non-executive directors and auditors with no relation to the company.

KCC Chairman Kim Hong-il said the watchdog will continue to check on Eugene ENT's fulfillment of these conditions, and ensure that YTN maintains its public responsibility as a news broadcaster, during its upcoming license renewal.

Eugene Group, known for its diverse business portfolio spanning distribution to finance, earlier acquired 30-point-95 percent of YTN's shares held by state-run KEPCO KDN and the Korea Racing Authority(KRA) for 320 billion won, or around 242 million U.S. dollars, under the government's restructuring plan.