and Big Hit Entertainment
are establishing a new joint company.
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On July 31, reports revealed the two agencies are collaborating to create a new entertainment label. CJ ENM stated, "Both sides have completed discussion for the joint company establishment, but several steps still remain."
Reportedly, CJ ENM and Big Hit Entertainment have already submitted merger and acquisition documents to the Fair Trade Commission under the agency name Belief. CJ ENM will hold 51% of the shares, while Big Hit will hold the remaining 49%.
Stay tuned for updates on Belief.