CJ ENM(Korean Entertainment Company) will establish an entertainment company with Big Hit Entertainment (Big Hit), which is famous for its idol group Bangtan boys (BTS).
According to korea investment banking (IB) industry on July 31, CJ ENM and Big Hit submitted a corporate bond declaration to the Korea Fair Trade Commission to establish a joint venture entertainment company (temp. Billif).
Its capital is W7bn, with CJ ENM and Big Hit holding 52% and 48%, respectively. The joint venture plans to launch the company in August after the FTC approval process.
In the market, it is anticipated that CJ ENM, which succeeded the `Superstar K` and` Produce 101 `successively, will find out next generation Korean wave content with Big Hit.
An entertainment industry official said, "It will affect the domestic entertainment market."
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