K-pop boy group BTS' management agency Big Hit Entertainment has officially confirmed that it has acquired Source Music, K-pop girl group GFRIEND's agency.
On July 29, it was reported that Big Hit Entertainment is currently preparing to become a super-company by several merger and acquisition deals with Source Music and another large K-pop agency.
In response to the report, Big Hit Entertainment announced, "We recently signed a contract to acquire equity in Source Music, which will become a part of Big Hit."
The agency continued, "We plan to have Source Music's current executives remain with the agency, in order to maintain the unique color and independence of the company."
Big Hit Entertainment founder Bang Si-hyuk said, "Big Hit and Source Music ended up merging because we share similar philosophies about the development and management of our artists."
He went on, "Since the two companies know each other very well, I expect that this acquisition will be successful. I'm delighted that both sides will now be able to paint the bigger picture together."
As Big Hit Entertainment has no female artists in its lineup, industry insiders believe that the acquisition of Source Music will give Big Hit a chance to widen its market spectrum.
(Credit= Big Hit Entertainment, Source Music)
BTS' Agency Announces Its M&A with GFRIEND's Agency
Jul 29, 2019