Big Hit Reportedly Merging With Source Music + In Talks To Acquire A 3rd Idol Agency
Updated July 29 KST:
Big Hit Entertainment has officially confirmed its acquisition of Source Music. Read the agency’s full statement, as well as the remarks by Big Hit founder Bang Shi Hyuk and Source Music founder So Sung Jin, here.
According to a new report, Big Hit Entertainment may be in the process of merging with Source Music and another idol agency.
On July 29, Korean media outlet Newsen reported that according to multiple industry insiders, Big Hit Entertainment is currently moving forward with an M&A (mergers and acquisitions) deal with Source Music, the agency best-known for the famous girl group GFRIEND.
An anonymous industry source told the outlet, “The Korean music industry has long been aware of the close relationship between Big Hit and Source Music. It seems that they have decided that it is now necessary to go beyond a simple partnership and actually merge the two companies in order to amplify their synergy.”
The source continued, “I’ve heard that Source Music will be moving into Big Hit’s new building in Yongsan,” adding, “They’re already at the point where they’re discussing which floors Source Music will occupy in the new building.”
Newsen also reported that Big Hit Entertainment is in talks to acquire a third, unnamed idol agency. According to the outlet, the agency in question is home to several famous idol groups.
A second anonymous source stated, “It’s true that Big Hit and the unnamed agency in question are in the process of seriously discussing an M&A deal. Although we can’t disclose the details and conditions of their M&A deal, both sides are looking very favorably upon the proposal, to the extent that we expect results in the near future.”