Big Hit Entertainment, the management agency of K-pop super band BTS, has taken over a medium-sized talent agency that is home to popular girl band GFriend, Big Hit said Monday.
"Having recently completed its contract to take over shares of Source Music, Big Hit will integrate (the company) as its subsidiary," Big Hit said in a press release.
"Source Music plans to retain its current management to operate with its own color and independence as a music label," it said.
(Big Hit Entertainment)
The takeover is the latest move by Big Hit to diversify and expand its business portfolio.
Earlier this month, the company announced that it will relocate to a new, spacious 19-story building in Seoul's Yongsan district next May.
"(With the takeover) Big Hit expanded its spectrum of artists by securing artists in the girl group category who already have (established) fandom as well as trainees with high potential," Big Hit noted.
The BTS agency quoted So Sung-jin, the head of Source Music, as saying that "I am pleased to join the Big Hit label ... The powerful experience of Big Hit's creating global artists in a short span of time may become a solid background for Source Music."
Bang Si-hyuk, the chief of Big Hit, gave the two agencies' shared philosophy as the reason for the decision to take over Source Music.
Established by So, Source Music previously launched a girl band in collaboration with Big Hit and is currently home to six-member band GFriend. (Yonhap)