K-pop music giant Big Hit Entertainment plays down reports that they are acquiring Pledis Entertainment
The K-pop entertainment powerhouses have a number of big names on their roster such as BTS, TXT, Seventeen, and NU'EST.
In huge, groundbreaking news for the Korean K-pop industry, Big Hit Entertainment was rumored earlier today to have begun plans to acquire Pledis Entertainment - both companies are K-pop powerhouses in the South Korean music industry. However, Big Hit Entertainment later played down the rumors, saying that nothing of the sort had been decided or completed and that any news of a merger was probably just hype.
Earlier today, it was reported by Korean news outlet Sports Dong-A that Big Hit Entertainment, the heavyweight entertainment company that houses BTS and TXT among other K-pop bands on its roster, had completed the initial procedures required to buy Pledis Entertainment, which is a separate K-pop music label that is home to bands like Seventeen, NU'EST, and more.
If this story is indeed confirmed to be true, it will be Big Hit Entertainment's second major acquisition after its historic merger with Source Music in July 2019. Source Music is the current home of the six-member K-pop girl group GFriend. Under the terms of the acquisition last year, Source Music would maintain its autonomy and operational independence while remaining under the Big Entertainment umbrella. It was expected that the same terms and conditions would hold true for Pledis Entertainment in their day-to-day operations.
In the initial report, it was also allegedly said that if Pledis did merge with Big Hit, they would shift their offices to Big Hit Entertainment's new building complex in Yongsan by May 2020. Music industry executives from both music labels were said to be excited about the upcoming acquisition, saying it "will surely exude a stronger synergy in the future." Considering both companies have some of the biggest K-pop groups on their books, and plenty of experience in the international music scene, the label insiders were reportedly saying that this merger would "strengthen the aspects in artists-in-training, and in spreading online content and fortifying a global network."
However, after reports of the alleged Pledis acquisition emerged, Big Hit Entertainment appeared to later shoot down the story on January 13 (KST), saying that nothing had been decided yet. At least this is according to a statement made by a Big Hit Entertainment insider, who said, "We are open to many different opportunities, but nothing has been concluded on acquiring Pledis Entertainment."
That seems to be a rather conclusive and deliberate response by Big Hit Entertainment in order to quell the rumors that have been swirling around regarding their takeover of Pledis Entertainment. There will be more updates on this story as they emerge.