Big Hit recently announced the acquisition, while stating that Source Music will join Big Hit as a subsidiary.
Following the acquisition, speculation had been rife that Big Hit will bring in a new executive at Source Music. But Big Hit has been quick to allay fears, stating that Source Music management will remain at the helm in order to maintain its independence.
Big Hit confirms a contract for acquisition of Source Music shares has been finalized. With this acquisition Big Hit’s plans to expand into a multi-label structure is clearly looking up.
Besides expanding into a multi-label structure, Big Hit is reportedly expanding its range of artistes with an established fanbase as well.
Big Hit CEO Bang Si-Hyuk stated that a shared philosophy in artiste management and promotion was the singular philosophy that brought Big Hit and Source Music together. He also nursed the optimism that since both companies know each other, the acquisition will be a success.
In his pleasure at the recent acquisition, Big Hit’s Bang Si-Hyuk is not alone. Source Music CEO So Sung Jin is just as excited. He stated in a press release that the acquisition is a prime opportunity for achieving the next level of excellence for the artistes.
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