KB News Desk
The 53-year-old monthly literary magazine “Literature & Thought,” which was on the brink of discontinuation, is set to make a comeback thanks to Booyoung Group’s acquisition of the magazine from its publisher, Munhak Sasang Inc.
An official from Booyoung Group, a construction company, said, “We have concluded negotiations with Munhak Sasang and confirmed the acquisition of ‘Literature & Thought.'”
The plan is for Woojung Bookstore, a publishing house established by Booyoung Group Chairman Lee Joong-keun with his personal funds, to acquire and relaunch the magazine.
Founded in 1972, “Literature & Thought” was once the most prestigious literary magazine in South Korea, boasting monthly sales of over 50,000 copies.
It played a foundational role in Korean literature, driven by the literary declaration of its first editor-in-chief, the late Lee O-young, who aimed to create “a new language and grammar of history.”
However, the magazine faced severe financial difficulties compounded by a declining interest in literary journals, leading to a significant drop in sales.
“Literature & Thought” entered a temporary hiatus with its 618th issue in April this year.
On July 1, it was announced that hosting the annual New Literary Award would also be challenging, leading to speculation that the magazine was on the path to permanent closure.
In this context, the sale of the magazine was seen as a necessary move to ensure its survival. Previously, Munhak Sasang had also transferred the administration of the prestigious Yi Sang Literary Award to Dasan Books.
This article from the Hankook Ilbo, sister publication of The Korea Times, is translated by generative AI and edited by staff of The Korea Times.
