CJ ENM Parts Ways With Jellyfish Entertainment As Major Stockholder
CJ ENM has parted ways with Jellyfish Entertainment through stock disposition after becoming a major shareholder of the agency in 2017.
On March 6, CJ ENM shared a public announcement that they had disposed of 40,396 stocks valued at 1.9 billion won (approximately $1.6 million) from Jellyfish Entertainment. The stocks were acquired by Jellyfish Entertainment’s CEO Hwang Se Jun, increasing his share of stocks in the company from 51 percent to 73.53 percent. It is being said that when CJ ENM first acquired stocks from Jellyfish Entertainment, they required permission from CEO Hwang and he was given priority to acquire their stocks should they dispose of them.
CJ ENM has pursued a strategy to acquire shares in entertainment agencies such as Hi-Lite Records, H1GHR Music Records, AOMG, Amoeba Culture, and Jellyfish Entertainment. They disposed of 116,000 stocks from Hi-Lite Records valued at 1.044 billion won (approximately $878,000) on February 6, and have now gone through the process of stock disposition with Jellyfish Entertainment as well.
Jellyfish Entertainment is home to celebrities such as VIXX, gugudan, and VERIVERY.