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Report: South Korea's CJ E&M to take majority stake in Pledis Entertainment

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Report: South Korea's CJ E&M to take majority stake in Pledis Entertainment

South Korean content and marketing company CJ E&M plans to acquire a 51% stake in entertainment company Pledis Entertainment, Yonhap News Agency reported June 12, citing a person familiar with the deal.

The report said CJ E&M plans to achieve this by purchasing shares from Pledis founder Han Sung-soo, who owns half of the company, and from Sony Corp.-owned So-net Media Networks Corp., which owns the other half.

The source reportedly told the news outlet that CJ E&M and Pledis have already signed a memorandum of understanding to build a comprehensive partnership and are in talks about a potential deal.

Yonhap said CJ E&M's move signals its intention to expand and find a new revenue source in the K-pop industry. It added that the company acquired a 60% stake in record label Amoeba Culture, which manages Korean hip-hop artists Dynamic Duo, Primary and Crush.