BTS’s label Big Hit Entertainment just announced that it has acquired Source Music, a Korean entertainment company that houses the K-pop girl group GFriend.
“A contract for the acquisition of Source Music’s shares has recently been finalized and the company will join Big Hit as a subsidiary,” Big Hit said in a statement. “Source Music’s management team will remain at the helm in order to maintain the label’s independence and unique colors.”
After expanding its artist roster with the debut of TOMORROW X TOGETHER in March, Big Hit is making moves to expand its business into a multi-label structure. A press release points out that the new acquisition is an expansion of its range of artists “with an already-established fandom” and a group of trainees “with high growth potential in the girl group category.”
“A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together,” said Big Hit CEO Bang Si-Hyuk. “Since we know each other so well, we expect the acquisition to be a success. I’m pleased that both companies can now begin painting an even bigger picture.”
Earlier this month, it was reported that Big Hit Entertainment will move to a 19-floor building in Seoul’s Yongsan District next year. The company also started recruiting teens for a hip-hop competition called Hit It 7.
The press release states the acquisition is expected to help with the growth of Source Music artists by “leveraging Big Hit’s global network and platform know-how.”
“I am thrilled that Source Music has joined Big Hit,” Source Music CEO So Sung Jin said in a press release. “I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. Big Hit’s track record of creating global artists quickly and expertly sets a solid foundation for Source Music. … We will strive to provide even more amazing content to our fans through this organic relationship with Big Hit.”
Big Hit and Source Music have a long history of partnerships as both agencies previously co-managed the now-disbanded groups Glam and 8Eight. Lee Hyun, a former 8Eight member, is currently signed to Big Hit as a soloist.
Korean outlet Newsen also reported that Big Hit was in talks to acquire a third agency, which is currently unnamed.
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