"After Big Hit recently signed its contract to acquire the shares in Source Music, Big Hit (the company) will integrate as a subsidiary," it said in a press release.
"Source Music plans to maintain its current management to act as a music label with its own color and independence," it said.
|(Big Hit Entertainment)|
The acquisition is the latest step by Big Hit to diversify and expand its business portfolio.
Earlier this month, the company announced that it will move to a new, spacious 19-story building next May in the Yongsan district of Seoul.
"(With the takeover), Big Hit has broadened its range of artists by winning artists in the category of girls' groups who already have a (established) fandom, as well as high potential trainees," noted Big Hit.
The BTS agency cited So Sung-jin, the head of Source Music, as saying, "I am delighted to join the Big Hit label … The impressive experience of Big Hit in a short time global artist may be a solid backdrop for Source Music. "
Bang Si-hyuk, the boss of Big Hit, called the shared philosophy of the two agencies the reason for choosing to source music.
Founded by So, Source Music previously formed a band of girls in collaboration with Big Hit and currently hosts the six-member band GFriend. (Yonhap)