“The two sides have reached an agreement on the establishment of a joint venture, but there are still many procedures left,” CJ ENM told Xportsnews on the 31st.
Earlier that day, a media outlet reported that CJ ENM would form an entertainment company in partnership with Big Hit Entertainment.
According to the report, CJ ENM and Bighit have submitted a joint business report to establish a joint venture entertainment company called “Belief” (tentative name) with 51% shares and 49% shares respectively. This company will be launched in August.
Netizens are predicting this is the first action of CJ ENM, which have successfully produced popular survival programs such as “Produce 101” and “Superstar K,” and Big Hit Entertainment, the management agency of the top boy group BTS to establish what is so-called “the 2nd BTS.”