SOUTH KOREA (CelebrityAccess) – BTS’s label Big Hit Entertainment has announced that it has acquired Source Music, a Korean entertainment company that houses the K-pop girl group GFriend.
Under the terms of the deal, Source Music’s management team will remain at the helm in order to maintain the label’s independence, according to a press release.
Big Hit and Source Music have a long history of partnerships as both agencies previously co-managed the now-disbanded groups Glam and 8Eight.
“A shared philosophy behind artist promotion and management was the main driver that brought Big Hit and Source Music together,” said Big Hit CEO Bang Si-Hyuk. “Since we know each other so well, we expect the acquisition to be a success. I’m pleased that both companies can now begin painting an even bigger picture.”
“I am thrilled that Source Music has joined Big Hit,” Source Music CEO So Sung Jin added. “I believe this to be a prime opportunity for achieving the next level of excellence for the artists, trainees and members of the label. Big Hit’s track record of creating global artists quickly and expertly sets a solid foundation for Source Music. … We will strive to provide even more amazing content to our fans through this organic relationship with Big Hit.”