[Breaking] Big Hit Entertainment acquires Source Music— mes #TeamPinky (@OH_mes2) July 29, 2019
Source Music will operate as a subsidiary under Big Hit, will still keep its existing management and color/stylehttps://t.co/CW1pUr6ISP pic.twitter.com/7Xw4CyL8Bs
Big Hit Entertainment is reportedly deep in conversations with acquiring the agency of a top boy group, expected to be announced by 2020— mes #TeamPinky (@OH_mes2) July 29, 2019
They were also in talks of acquiring the agency of a popular trot singer, but no formal discussions yet on thathttps://t.co/upcni757nt pic.twitter.com/4xWFMVm3qD
Big Hit Entertainment is reportedly looking to prepare a merger amd acquisition of Source Music and a second large agency with several famous idol groups— mes #TeamPinky (@OH_mes2) July 28, 2019
It's also reported that Source Music has plans to move into the new Yongsan Big Hit building in 2020https://t.co/8Ql36sf3d9 pic.twitter.com/JrNtdR5xuS
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 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.”
sources: @oh_mes2 1, 2, 3, naver , soompi, newsen, naver