Big Hit Entertainment, the agency behind BTS, said it has acquired midsized agency Source Music, home to girl group GFriend.
Under the recently completed acquisition, Big Hit disclosed that Source Music would become its subsidiary, but declined to reveal the value of the deal and details of the agreement.
“Source Music will retain its current management and operate the label keeping its unique color and independence,” Big Hit said in a statement.
Big Hit has been seeking to expand its label and restructure business areas. “(With the deal) Big Hit strengthened its spectrum of artists by securing artists in the girl group category who already have fandom as well as trainees with high potential in a short amount of time,” the firm added.
Following the deal, Source Music will be able to strengthen its content and business operation, with the help of Big Hit’s creative capabilities. Big Hit’s global network and platform will help grow Source Music’s artists as well.
“We decided to merge because the philosophy behind nurturing and managing artists is similar,” said Big Hit founder and CEO Bang Si-hyuk. “Since we know each other so well, we expect this acquisition to be a success. I am happy that both companies can paint an even bigger picture.”
“We are happy to join Big Hit’s label,” said Source Music CEO So Sung-jin. “I think this is an important opportunity to make a leap for our artists, trainees and employees. In particular, Big Hit’s track record of creating global artists quickly gives a solid foundation for Source Music. Through this organic relationship with Big Hit, we will provide even more great content for the fans.”
Source Music, established in 2009, debuted GFriend in 2015. It has continued a strong partnership with Big Hit, previously launching girl group Glam together.
Source: The Korea Herald, Big Hit Entertainment