Big Hit Entertainment announced on July 29 that they have acquired Source Music and that Source Music will now be an independent subsidiary label under the Big Hit Entertainment banner.
In their statement, Big Hit Entertainment confirmed the news.
We recently completed a contract to acquire Source Music and it will be incorporated as a subsidiary of Big Hit Entertainment. Source Music will retain its existing management and maintain their label’s color and independence in music.
— Big Hit Entertainment
With their acquisition of Source Music, they have strengthened their multi-label structure and secured both a high profile artist in GFRIEND and multiple high-potential trainees in a short period of time.
Source Music CEO So Sung Jin commented on the acquisition, calling it a great opportunity.
I’m happy that Source Music is joining the Big Hit label. I think it’s an opportunity, in many ways, for all of our artists, trainees, and staff. In particular, we expect that the ability of Big Hit to quickly create a global artist will provide a strong foundation for Source Music. We will repay our fans with better content through our natural relationship with Big Hit.
— So Sung Jin
Big Hit Entertainment CEO Bang Si Hyuk also commented on the acquisition.
Big Hit and Source Music have similar philosophies in growing and managing artists, so we have joined forces. As we know each other well, we expect the acquisition to be a success. I’m happy to be able to paint an even bigger picture and future for both companies.
— Bang Si Hyuk
Earlier today, it was reported that Big Hit Entertainment was looking to not only acquire Source Music, but another top level agency too.