Big Hit Confirmed To Have Acquired Source Music; Bang Shi Hyuk Expresses His Excitement
Big Hit Entertainment has confirmed that it has officially acquired Source Music.
On July 29, Big Hit Entertainment formally announced, “We recently signed a contract to acquire equity in Source Music, which will become part of our agency Big Hit.”
The company 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 label.”
Big Hit Entertainment founder Bang Shi Hyuk remarked, “Big Hit and Source Music ended up merging because we shared similar philosophies about the development and management of our artists.”
He went on to express his optimism about the future of the merged companies, commenting, “Because 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 an even bigger picture.”
Source Music founder So Sung Jin similarly remarked, “I’m delighted that Source Music has become a part of the Big Hit label. I think that in many ways, this is an opportunity for all of our agency’s artists, trainees, and employees to jump forward.”
He added, “In particular, I believe that Big Hit’s ability and experience in creating a global artist quickly will become a solid foundation for Source Music, and I’m looking forward to it. Through our organic relationship with Big Hit, we will repay the fans with even better content in the future.”
Source Music, which is best-known for the famous girl group GFRIEND, was originally founded by So Sung Jin in November 2009. The agency previously collaborated with Big Hit Entertainment on the production of the girl group GLAM, who debuted in 2012 before ultimately disbanding three years later.
As Big Hit Entertainment currently has no female artists in its roster, industry watchers believe that the acquisition of a company that is home to both a popular girl group and many female trainees will strengthen the burgeoning agency.
Earlier in the day, Korean media outlet Newsen reported that Big Hit Entertainment was also in talks to acquire another agency aside from Source Music. Although Newsen did not name the agency in question, the report stated that it was home to several famous idol groups.