J. Tune Entertainment merges with JYP Entertainment

On December 30th, Singer/producer Park Jin Young announced that the name of J. Tune Entertainment will be changed to JYP Entertainment, and that the two companies will be merged. In a general stockholders meeting (to be held on February 16, 2011), J. Tune Entertainment will be electing Park Jin Young and CEO Jung Wook as members of the Board of Directors. The current board members, including CEO Kim Yoon Chul, will resign, and the company will officially be absorbed under the 'JYP Entertainment' label. Regarding the name change, representatives of J. Tune Entertainment stated, "Park Jin Young hopes to use the JYP label to bring J. Tune up to its status." Additionally, Park Jin Young signed on with J. Tune Entertainment, as explained by representative, "After acquiring shares and taking control of the company, Park Jin Young signed a contract under the agency in order to join forces with Rain and the celebrities within it." A representative of JYP Entertainment revealed to Newsen on December 30th, "Park Jin Young has decided to contract with J. Tune. His contract with JYP Entertainment expired back in 2006, and since then, he has not been under any contract." Source: Newsen via Nate