JYP, CJ ENM, Tencent Music to form joint venture 'ONECEAD'

▲ Corporate logo of JYP Entertainment (PHOTO NOT FOR SALE) (Yonhap)

SEOUL, Feb. 2 (Yonhap) -- JYP Entertainment’s China unit, JYP China, will establish a joint venture in the Greater China region with China’s largest music platform, Tencent Music Entertainment (TME), and CJ ENM, the company said Monday.

The new company, ONECEAD, will be set up as a joint venture between CJ ENM and NCC Entertainment, which was jointly founded by JYP China and TME.

The name ONECEAD combines JYP’s motto, “Leader in Entertainment,” and CJ ENM’s core value, “ONLYONE.”

ONECEAD will manage MODISAY, a global boy group formed through Mnet Plus’ survival audition program "Planet C: Home Race."

(C) Yonhap News Agency. All Rights Reserved