Big Hit Entertainment has denied that it has completed acquisition of Pledis Entertainment, home of SEVENTEEN, NU'EST and several other successful Kpop idol groups.
According to the most recent update, Big Hit has denied that it has completed the procedure for acquiring the record label. A Big Hit Insider did not go into specifics but said that nothing has been concluded about a deal with Pledis.
"We are open to many different opportunities, but nothing has been concluded on acquiring Pledis Entertainment," the source said.
It can be recalled that over the weekend, news broke that Big Hit, the label of global phenomenon BTS and rising stars Tomorrow X Together (TXT), has acquired Pledis Entertainment, the company's second acquisition after the merger with Source Music last July.
Based on the report, the merger will still give Pledis Entertainment a free run over its operations even if it falls under Big Hit Entertainment.The report further said that Pledis offices will move to Big Hit's new Yongsan building starting May.
It was stated that execs and personnel from both agencies were receptive to the merger since it opens new windows of opportunity for artists of both agencies, especially on a global scale.
News of mergers and acquisitions have fuelled earlier reports from industry insiders hinting that Big Hit will soon replace YG Entertainment as part of the Big 3 labels in Korean entertainment.
According to a report by Koreaboo, BTS's upcoming comeback, Map of the Soul:7 marks an epic kickoff to 2020 for the agency, in addition to TXT's strong promotions within and outside Korea.
The agency also hinted at a special TV drama based on the journey of BTS members. It is unsure though, whether the members will appear as themselves in the show.
In contrast, the past year has been rocky for YG Entertainment due to scandals and controversies affecting YG Entertainment artists and execs including former CEO Yang Hyun Suk.
YG stock prices dropped dramatically, compelling Yang Hyun Suk himself to step down from his position as head of the agency.
There was also an exodus of artists who left the company to move to other labels. The most recent artist to leave the label is solo artist Lee Hi. Meanwhile, artists from YG's acting department including stars like Kang Dong Won, Cha Seung Won, Lee Sung Kyung, and Son Ho Jun kept their faith in YG's management and renewed contracts with the agency.
It is expected that YG will bounce back in a big way this year with the much-anticipated comeback of BIGBANG after four of its members -- G-Dragon, T.O.P, Taeyang, and Daesung -- completed their mandatory enlistment last year.
