Big Hit Entertainment, the agency of BTS, has received approval from the Fair Trade Commission for its acquisition of Pledis Entertainment.
The FTC announced on the 18th that it responded on the 15th that Big Hit's acquisition of Pledis had no fear of restricting market competition.
The Fair Trade Commission examined whether competition would be restricted when Big Hit and Pledis merged, targeting the domestic entertainment management and domestic popular music planning and production markets, and determined that it will not impede competition in the market.
The Fair Trade Commission explained that it took into account the existence of large entertainment companies such as SM Entertainment and general entertainment companies such as Kakao M·CJ E&M, and the lack of high market share and market concentration even after combining.
"With the increasing interest in K-pop and Korean culture, various combinations are being made between entertainment companies to increase their business capabilities. We will allow business combinations without concerns about restrictions on competition, thereby increasing the competitiveness of companies and creating a foundation for vitalizing the market", it added.
Written by Gong Mina
Translated by Lee So Yun
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