FTC approves Big Hit's takeover of Pledis

Big Hit CEO Bang Si-hyuk during a corporate briefing in Seoul in February. On Sunday, the Fair Trade Commission (FTC) said it approved Big Hit's takeover of entertainment company Pledis. [YONHAP]

K-pop boy bands Seventeen and NU'EST will be under the control of Big Hit Entertainment, which represents mega-group BTS, as Korea's antitrust agency approved Big Hit's takeover of the two bands' agency, Pledis Entertainment.

The Fair Trade Commission (FTC) said Sunday the acquisition of Pledis shares by Big Hit will not impede competition in the market. Big Hit purchased shares of Pledis in May and June, ending up with an 85-percent stake.

The antitrust agency examined the merger's effect on the two markets of entertainer management and pop music production. The agency concluded there is little danger of market monopolization because there are strong rivals such as SM, YG and JYP in the entertainer management market and those of Kakao M and CJ E&M in the music and content production market.

BY MOON SO-YOUNG [symoon@joongang.co.kr]