On June 12, media outlet Yonhap News reported that CJ E&M is planning to purchase 51% of Pledis Entertainment. While not necessarily false, Pledis clarifies the situation.
According to the news report by Yonhap News that came out on June 12, CJ E&M decided to purchase 51% of Pledis’ shares and is currently coordinating detailed plans. Yonhap reported that CJ E&M paid between an estimated 20 – 30 million won to secure the shares.
Further, the news outlet said that the two companies had recently signed a memorandum of understanding in order to ensure cooperation between the two. Moreover, with the acquisition, CJ E&M expects to expand its music business and boost sales. NU’EST W, Pristine, and Seventeen are all contracted with Pledis entertainment.
On the other hand, Pledis Entertainment has decided to clarify their relationship with CJ E&M. In a statement to the press, a representative said that “no decision has been made regarding CJ E&M’s alleged takeover,” they explained.
Further, the situation is the same regarding the purchase of the company’s shares. However, Pledis does not deny that they are in connect and are doing business together. Apparently, the two are “doing business together in foreign countries,” and are working on that.
Translated by O.C
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