Korean entertainment behemoth CJ ENM and K-pop boy group BTS' agency Big Hit Entertainment have agreed to establish a new entertainment company.

On July 31, it was reported that the two companies are joining forces to launch a new company called 'Belief' (tentative title).

According to the reports, CJ ENM and Big Hit submitted mergers and acquisition registration to the Fair Trade Commission (FTC) for their new company.

In response to the reports, CJ ENM confirmed, "The two companies have completed discussion for establishing the joint company, but several procedures still remain."

CJ ENM will hold 51% of the company shares, while Big Hit will hold 49%.

(Credit= CJ ENM, Big Hit Entertainment)

(SBS Star)