Statement has been released by Big Hit Entertainment on 13th January regarding acquisition and merger of Pledis Entertainment.
Big Hit Entertainment and Pledis Entertainment merging together
Big Hit Entertainment and Pledis Entertainment are both South Korean Entertainment Agency which manages K pop artists, idol groups and soloist. The former was founded in the year 2005 while the later in the year 2007. They both are regarded as K Pop powerhouses in the South Korean music industry. Bit Hit officially announced in last week that they are in the process of acquisition of Pledis Entertainment under them.
On 12th January it was reported by Sports Dong A, a Korean news outlet that the initial procedures for the acquisition of Pledis has been completed by Big Hit and on 13th January it was reported by the same outlet that Bit Hit had officially acquired Pledis and the shares were also been transferred. However Big Hit Entertainment responded and stated that nothing has been decided yet by the company.
Did the acquisition actually took place?
It is yet to be seen publicly whether the acquisition has taken place or not. It came to be known from an insider of entertainment that the two companies will soon announce their innovations in public. The two companies are expected to have a strong influence in the coming years with their combined hands. There will be more opportunities to promote more artists, create more valuable content and establish more. It is also expected that Pledis will soon move to the new Big Hit Building located in Central Seoul.
An insider of Bit Hit Entertainment responded differently and stated that they are open to many different opportunities but nothing has been concluded on acquiring Pledis Entertainment.Big Hit previously merged with Source Music in July 2019. And if it is true that they will merged with Pledis Entertainment than it will be their second biggest merger.