CJ ENM said on Thursday it signed a memorandum of understanding (MOU) with MGC Global on social contribution through performances and cultural activities.

A signing ceremony held the previous day at CJ ENM Center in Sangam-dong, Mapo-gu, Seoul, was attended by CJ ENM CEO Sang-hyun Yoon (윤상현), MGC Global Chairman Dae-young Kim (김대영) and other executives from both companies.

Under the agreement, the two companies agreed to work together to provide opportunities to enjoy culture for local communities and marginalized groups and to help narrow cultural gaps. They plan to create social value by combining CJ ENM's content production capabilities and MGC Global's infrastructure.

As a first project, they will hold a K-pop concert in May titled "M Countdown X Mega Concert" (tentative). The concert is planned to provide performance culture not only to K-pop fans but also to people with limited access to culture.

MGC Global operates the franchise coffee brand MegaMGC Coffee, which has about 4,200 stores nationwide.

Sang-hyun Yoon, CEO of CJ ENM, said, "Through a strategic partnership with MGC Global, I find it very meaningful that we can share the cultural value of K-pop with more people, and especially provide new experiences to those who have had limited opportunities for cultural access."

Dae-young Kim, chairman of MGC Global, said, "Through cooperation with CJ ENM, we plan to continue presenting various content development and social and cultural activities, and create enjoyable cultural experiences that customers and society can empathise with together."