The Daejong Film Awards, the longest-running film awards ceremony in South Korea, has once again entered the process of being sold, making the holding of this year’s ceremony practically uncertain. A non-profit organization that acquired the trademark rights last year was unable to pay the final payment, resulting in the termination of the contract, and the Daejong Film Awards has returned to auction once again.
According to the film industry on the 29th, the bankruptcy trustee of the Korean Federation of Film Workers recently announced a notice for the sale of the Daejong Film Awards trademark. This sale will be conducted using a “Stalking Horse Bid” method. This means that a conditional buyer is contracted first before the public bidding, and if someone else offers a higher bid, that entity becomes the final buyer. If there are no bidders, the conditional contract automatically becomes the buyer.
The Daejong Film Awards was established in 1962 and has been regarded as one of the top three film awards in Korea, alongside the Blue Dragon Film Awards and the Baeksang Arts Awards. However, its credibility has been shaken due to years of operational mismanagement, controversies over fairness, and disputes over interests within the organizing body. Ultimately, in December last year, the organizing body, the Korean Federation of Film Workers, was declared bankrupt by the court.
Afterward, the trademark rights were made public for the first time, and in February, the Korea Film Producers Association acquired the trademark rights through a conditional contract. However, this association could only pay the deposit and failed to come up with the remaining payment, leading to the termination of the contract in June. As a result, the sale process has returned to square one.
This bidding is only open to non-profit organizations, and merely expressing acquisition intent is not sufficient. They must actually prove their capability and plans to hold the film festival. The legal representative stated, “There is already a corporation that has expressed acquisition intent, but the trustee is looking for better conditions.”
The bidding deadline is November 10. Even if a new owner is selected, the preparation time is tight, so it is uncertain whether the 60th Daejong Film Awards will take place this year.