Expanding its strategy to build a multi-label structure, Big Hit is now the largest shareholder of PLEDIS Entertainment.
South Korea-based powerhouse Big Hit Entertainment has become the largest shareholder of record label PLEDIS Entertainment, home to K-pop superstars Seventeen and NU’EST, it was announced Monday.
Under the terms of the deal, PLEDIS will retain its independence as a label, though its artists will now receive support from Big Hit’s business entities and support organizations to expand their reach into overseas markets — similar to the way Big Hit turned boy band BTS into a top-charting phenomenon across the globe.
The PLEDIS deal is the latest move in Big Hit’s strategy to expand its multi-label structure following the company’s acquisition of Source Music last July, which brought K-pop girl group GFriend into the fold.
“I am thrilled to be joining forces with Big Hit, a company that’s spearheading the Korean entertainment industry,” said PLEDIS Entertainment CEO Han Sung Soo in a statement. “This will mark an opportunity for growth for both the label’s artists and entire staff members. We will do our best to give back the ardent love fans have shown us with quality content and greater success for the artists.”
Added Big Hit chairman and CEO Bang Si-Hyuk, “We are happy to collaborate with CEO Han Sung Soo and the creative team of PLEDIS Entertainment. Hereafter, Big Hit and PLEDIS will sympathize through music, and will thrive together to create great synergy with each other.”
PLEDIS’ other acts include Nana, Bumzu, Kyulkyung, Yehana and Sungyeon.
Earlier this month, Big Hit shook up its leadership structure, with Bang Si-Hyuk’s former co-CEO Lenzo Yoon being named global CEO (operating out of the company’s recently announced “Big Hit America” office) and Jiwon Park appointed HQ CEO, overseeing the South Korean company’s domestic organization. Also home to boy band TOMORROW X TOGETHER and singer Lee Hyun, the company generated a record $500 million in revenue last year.
