CJ E&M And BigHit Entertainment Join Forces To Make New Idol Group
Two big Korean entertainment companies are joining forces – and we’re excited to see what awaits us!
On August 1, CJ E&M shares more information about their joint venture with one of the entertainment companies taking the world by storm – BigHit Entertainment!
“We and Big Hit Entertainment have agreed to establish a joint venture company, which is still in the process of discussing detailed procedures such as stakeholding and direction,” CJ E&M officials say in a statement regarding the two companies’ collaboration.
According to them, a plan to introduce a new entertainment company which will establish and train a new idol group is currently being discussed. However, they note that it would be difficult to reveal further details and informations as of the moment.
Albeit not being a part of the Big 3, both CJ E&M and BigHit have huge influences in the current Korean entertainment and media industry.
CJ E&M is known for producing various contents like broadcasts and music audition programs like Idol School and Produce 48 series while BigHit Entertainment had rocked the global market with their world-famous boy group BTS.
Because of this, the joint venture is expected to have a significant influence on domestic and international K-Pop markets.
It was earlier reported on July 31 that the companies submitted a mergers and acquisition registration to the Fair Trade Commission for their joint venture. The shared entertainment company was reported to be tentatively named Belief.
The news created a lot of buzz in social media after the initial report saying CJ E&M and BigHit will split the shares 51-49 percent respectively was released. However, the division of shares are still subject to change until further notice.