SM and Tencent Music Entertainment Group Establish Joint Venture... Super Junior-M's Zhou Mi Named New CEO

[Financial News] SM Entertainment (SM) announced on the 27th that it has established a joint venture, STE, in Beijing with Tencent Music Entertainment Group (TME). Zhou Mi, formerly of Super Junior-M, has been appointed CEO.
STE was established under a business agreement signed by the two companies in May. It will prepare a new Chinese idol group with the goal of debuting within two to three years, and will handle auditions to select members as well as local management after debut.
It will also support the activities of SM's Chinese-language artists. The joint venture will oversee the China-based management of NCT DREAM's Renjun and WayV's YangYang and Xiaojun, while also providing localized promotions and entertainment activities.
CEO Zhou Mi spent about 20 years active as a member of Super Junior-M and as a solo artist. He also served as a director at SM's China unit.
Zhou said, "We will combine SM's intellectual property (IP) and content production capabilities with the characteristics of the Chinese-language market to present differentiated content, and we will deliver results as a bridge connecting the two companies."
[email protected] Shin Jin-a Reporter