South Korea-based powerhouse Massive Hit Leisure has grow to be the most important shareholder of report label PLEDIS Leisure, residence to Okay-pop superstars Seventeen and NU’EST, it was introduced Monday.
Underneath the phrases of the deal, PLEDIS will retain its independence as a label, although its artists will now obtain help from Massive Hit’s enterprise entities and help organizations to broaden their attain into abroad markets — much like the best way Massive Hit turned boy band BTS right into a top-charting phenomenon throughout the globe.
The PLEDIS deal is the newest transfer in Massive Hit’s technique to broaden its multi-label construction following the corporate’s acquisition of Supply Music final July, which introduced Okay-pop lady group GFriend into the fold.
“I’m thrilled to be becoming a member of forces with Massive Hit, an organization that’s spearheading the Korean leisure trade,” mentioned PLEDIS Leisure CEO Han Sung Soo in a press release. “This may mark a chance for development for each the label’s artists and whole workers members. We are going to do our greatest to offer again the ardent love followers have proven us with high quality content material and larger success for the artists.”
Added Massive Hit chairman and CEO Bang Si-Hyuk, “We’re glad to collaborate with CEO Han Sung Soo and the artistic staff of PLEDIS Leisure. Hereafter, Massive Hit and PLEDIS will sympathize via music, and can thrive collectively to create nice synergy with one another.”
PLEDIS’ different acts embrace Nana, Bumzu, Kyulkyung, Yehana and Sungyeon.
Earlier this month, Massive Hit shook up its management construction, with Bang Si-Hyuk’s former co-CEO Lenzo Yoon being named world CEO (working out of the corporate’s lately introduced “Massive Hit America” workplace) and Jiwon Park appointed HQ CEO, overseeing the South Korean firm’s home group. Additionally residence to boy band TOMORROW X TOGETHER and singer Lee Hyun, the corporate generated a report $500 million in income final 12 months.