The Munhwa Broadcasting Corporation (MBC; Korean: 문화방송주식회사; Hanja: 文化放送; Munhwa Bangsong Jushikhoesa, literally "Cultural Broadcasting Corporation") is one of four major national South Korean television and radio networks, and is the oldest among all commercial broadcasting networks in South Korea. Munhwa is the Korean word for "culture". Its flagship terrestrial television station is Channel 11 (LCN) for Digital. Twice government owned, the network is managed by the Foundation of Broadcast Culture (which owns 70% of the company's stock), while the Jung-Su Scholarship Foundation owns 30%. MBC receives no government subsidy, and derives its income almost entirely from commercial advertising. It has 19 regional stations, and 10 subsidiaries. The network evolved from Busan Munhwa Broadcasting Corporation, the first private broadcasting corporation in the country. As of 2011, MBC has over 4,000 employees. It has provided terrestrial digital TV service in the ATSC format since 2001, and T-DMB (Digital Multimedia Broadcasting) service since 2005.