Big Hit denies speculation of Pledis M&A

K-pop boy band BTS. Korea Times file

By Dong Sun-hwa

Big Hit Entertainment, home to K-pop titan BTS, denied Monday that it would acquire Pledis Entertainment representing boy bands Seventeen and NU'EST.

“We are open to diverse opportunities, but nothing has been decided (on the merger and acquisition with Pledis,)” a Big Hit spokesperson said about the speculation raised earlier Monday.

A local media outlet reported that Big Hit recently decided on the takeover. It added that Pledis would become Big Hit's new label, with existing company officials running it. It also speculated Pledis would relocate its office to Big Hit's new 19-story building in Yongsan-gu, Seoul, in May.

In July 2018, Big Hit took over Source Music, which represents girl band GFriend, in what is believed to be a move to diversify the company's business portfolio.

Meanwhile, BTS is poised to release new music on Feb. 21.