CJ ENM is working to establish an entertainment company through a strategic partnership with BigHit Entertainment.
On July 31, multiple media outlets reported that media giant CJ ENM and BigHit Entertainment are in the process of working on a joint-enterprise business with a 51 percent and 49 percent share, respectively. Additionally, the two companies are set to submit a joint declaration for the establishment of “Belief” (tentative name) to the Fair Trade Commission (FTC).
According to industry insiders, CJ ENM and BigHit Entertainment are aiming to launch their joint venture project sometime in August. Once itis established, they plan on conducting a global audition program and broadcast sometime in the first half of 2019. In particular, the new company will be looking for fresh talent in Korea, China, Japan, and the U.S.
Regarding the news, a CJ ENM official said that while the two entities have come to an agreement to work together on “Belief” that “many procedures” still need to be worked out. However, the company has evaluated this partnership as the first step toward making itself a top content company.
Previously, CJ ENM has attempted to work with other entertainment companies. Reportedly, its goal is to find and nurture idol groups in-house.
Translated by O.C
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