The controversial “fake news” bill has been put on hold, with the ruling Democratic Party of Korea taking a step back Tuesday in the face of fierce criticism from opposition parties and the media.

Floor leaders of the Democratic Party and main opposition People Power Party announced Tuesday that a committee would be set up to discuss and revise details of the bill, which would increase the penalties that media outlets and journalists could face for spreading misinformation with “malicious intent.”

The eight-member committee will consist of two lawmakers from each of the two parties, and two experts recommended by the lawmakers on each side. They will work toward a revised bill and put it to a vote Sept. 27.

“We will fully discuss the bill within the committee,” said Rep. Song Young-gil, head of the Democratic Party, in a party meeting Tuesday. “The bill will be revised in accordance with opinions from the public and be processed smoothly on the 27th.”

The deal came days after the ruling and main opposition parties clashed over putting the bill up for a final vote weeks before the start of the regular parliamentary session. The floor leaders of both parties convened and talked for hours over the past week to reach a compromise.

Ruling party lawmakers say they drafted the proposed revision to protect the public from misinformation and malicious press reports.

But the bill faced immense criticism from opposition parties and media organizations, partly for its potential to silence criticism of the ruling party and the government ahead of elections next year. Media organizations denounced the bill for undermining freedom of the press and democratic values.

The threat of a filibuster from the People Power Party and constitutional complaints prevented the ruling party from unilaterally passing the bill. The bill passed two committees within the National Assembly solely on the strength of support from ruling bloc lawmakers.

People Power Party officials warned that they would stage a filibuster until Tuesday’s end if the media bill were listed for a vote at the plenary session. They also announced plans to file a complaint with the Constitutional Court against the ruling party’s unilateral way of pushing the bill through committees.

The Democratic Party insisted that the public supported the bill, but recent poll results showed that wasn’t the case, with many concerned over its rather hasty push through the parliament.

A poll from Data Research showed last week that 50.9 percent of respondents were against the ruling party’s unilateral moves to pass the bill. Some 38.7 percent of respondents said they supported them.

Some within the ruling party say it is better to vote on the bill at a later date, rather than do it now and suffer a loss of public support -- something the Democratic Party does not want to risk ahead of next year’s presidential election.

“It is early to share details (of the negotiations),” said Rep. Kim Gi-hyeon, floor leader of the People Power Party, after the deal was reached Tuesday afternoon. “There were voices of concern (about the bill), and we shared opinions on what steps lie moving forward.”

The presidential office welcomed the move, saying further negotiations would help form a public consensus toward protecting press freedom while ensuring compensation for people who are harmed by malicious press reports.

“Freedom of the press is a pillar of democracy, and it must be specially protected along with people’s right to know, so related laws or policies must be thoroughly reviewed to prevent misuse,” said an official with Cheong Wa Dae in a press briefing Tuesday.

“At the same time, it is important to protect those hurt by malicious fake reports and fake news. We have to be able to quickly correct wrongful press coverage and aid them in recovering from mental, physical and social damages.”

Even though the bill is on pause for the moment, questions remain as to how much power opposition lawmakers can wield in revising the bill in line with their demands, as they lack voting power and it remains possible that the ruling party could unilaterally push it through.

The ruling party has an absolute majority in the National Assembly, allowing it to pass any bills they favor. The Democratic Party controls about 60 percent of the National Assembly’s 300 seats.