CJ E&M takes over AOMG and looks to acquire Jun Ji Hyun’s agency, Culture Depot
CJ E&M recently announced having acquired Jay Park and Simon D‘s hip-hop agency AOMG and is reported to be currently in talks of taking over another agency, Culture Depot.
Established in August 2013, AOMG was led by both Jay Park and Simon D, successfully making the agency one of the leading hip-hop labels in the Korean music industry. They signed on artists such as Gray, Loco, Elo, Ugly Duck, DJ Pumkin, DJ Wegun, and Hoody.
CJ E&M’s head of music division Ahn Seok Joon said now that they have acquired AOMG, it will show its support of the hip-hop label through its know-how and infrastructure to help it grow into one of the trendiest label in Korea starting with its rhythm and blues and hip-hop music.
Though acquired by CJ E&M, Jay Park and Simon D will continue being the label’s CEO and it will continue to control its own operation and productions but will have access to CJ E&M’s distribution and marketing networks.
Following the announcement, Jay Park noted that “acquisition was not the correct term in their agreement but “strategic partnership.”
Nothing change's, only bigger and better things. still gonna be doin' shit "OUR" way
— JAY BUM PARK (@JAYBUMAOM) January 6, 2016
But this isn’t the end of CJ E&M’s plans as they are seeking out to acquire Jun Ji Hyun and Jo Jung Suk‘s current agency, Culture Depot. However, the acquisition of Culture Depot is still in discussion as there is a lot of issues to consider, such as the interest and equity of the shares. Because they are still in the middle of discussions, not a lot details have been shared regarding the acquisition.
An official from CJ E&M added that should the acquisition go through, the management of the agency will remain as is.
Culture Depot houses Jun Ji Hyun, Jo Jung Suk, Park Min Young, and others.
Koreaboo has collected reactions from Netizens who commented on the original article from our Korean source. The below comments are the most popular comments at the time of this article being published.
[+1772, -22] Wow CJ is starting to increase their militant grip in the broadcasting and entertainment industry of Korea
[+1438, -23] CJ is eating everything..
[+929, -21] CJ is scary. They’re taking over every genre ㅋ
[+977, -50] Wow, not even SM or YG can hold up to them ㅋㅋ
Source: Ilgan Sports and X Sports News