YG Entertainment is full of great news lately!

In the past couple weeks they have revealed that Big Bang is working on a new album and that the compay's new girl group is preparing for their debut before the end of the year (complete with a couple G-Dragon produced tracks), all while Epik High has shot to the top of the charts with their latest album. And now, the record label has announced that their new boy band, iKON, is slated to officially debut in January.

On October 22, YG Entertainment CEO Yang Hyun Suk confirmed the news to Korean media outlet Star News.

"As soon as MIX & MATCH is over, iKON will spend a little more time on production and preparations," Yang said. "They will debut right away in January 2015 with their first single."

Unlike YG's most recent boy band, WINNER, Yang says iKON will take a different approach to ensure a quicker debut. WINNER finally made their debut in August after winning the YG-produced reality program Win: Who's Next? nearly a year before.

"In WINNER's case, the group was preparing for debut with a full album rather than a single, which is why it took the group ten months to debut," he explained. "However, just like 2NE1's debut, iKON will only be releasing a single track and will continue to release singles for a while in order to shorten the time it takes for them to debut."

Fans are already quite familiar with the members of the new group. Of the seven members that will debut as part of iKON, B.I and Bobby recently participated in the competition reality show Show Me The Money 3, and both were featured in label-mate Epik High's comeback single "Born Hater." A third confirmed member, Kim Jin Hwan, was a member of Team B, the group that lost to Team A (now known as WINNER) in the YG-produced reality program Win: Who's Next.

The other four spots in iKON will be filled by the winning participants of the currently airing MIX & MATCH competition show. The final lineup will be confirmed at the end of the show's last episode on October 30.

B.I will also be playing a big role in the production of iKON's music. "In order to officially debut as iKON as soon as MIX & MATCH is over, B.I has been composing countless numbers of songs," Yang said.

"After their debut in January, iKON will be promotiong their activities for one year in South Korea and we plan on releasing as may singles as possible."