Updated August 1 KST:

After original reports of CJ ENM and Big Hit Entertainment’s collaboration, additional information has been released.

According to CJ ENM, “[CJ ENM and Big Hit] have plans to discover and cultivate a global idol group.” They also stated that at the moment, it was difficult to give more detailed information.

Additionally, although reports on July 31 stated CJ ENM would hold 51 percent of shares, while Big Hit would hold 49 percent, most recent news have adjusted the number to 52 percent of shares for CJ ENM and 48 percent for Big Hit.

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Original Article:

CJ ENM and Big Hit Entertainment are collaborating on a new company.

On July 31, it was reported that the two companies are joining forces to launch a new entertainment company.

In response to the reports, CJ ENM commented, “The two sides have completed discussion for the joint company establishment, but several procedures still remain.”

According to the reports, the companies submitted mergers and acquisition registration to the Fair Trade Commission for their joint entertainment company, tentatively titled Belief. CJ ENM will hold 51 percent of shares, while Big Hit will hold 49 percent.

Stay tuned for more updates on the company.

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