The news network The Fact authored on May 18 an article about the media industry's source that is presumed to be intimately acquainted with Big Hit Entertainment's internal affairs and Pledis Entertainment.

The source stated, "The two businesses have concluded the final negotiation process on the joint venture and have entered into an agreement. All they must do is make a public announcement." The fact revealed that this data collection was also verified by another source.

Media headlines from the purchase of Pledis Entertainment by Big Hit Entertainment emerged in January and Big Hit Entertainment at the time refuted the news reports. 

Media stories of Big Hit Entertainment's acquisition of Pledis Entertainment originated in January, and Big Hit Entertainment dismissed the news reports at the time. 

Also according to Sports DongA recent reports, Pledis Entertainment will continue to function as an independent record label, much like Source Music does. 

If both companies have moved forward on the merger, Pledis Entertainment is likely to shift into Big Hit Entertainment's new facility, which Big Hit plans to start utilizing in May.

The joint venture speculation emerged when it was recently announced that the SEVENTEEN Group of Pledis Entertainment would actually participate in the Weverse fan site network run by Big Hit Entertainment 's subsidiary beNX.

Lenzo Yoon, co-CEO of Big Hit Entertainment, thoroughly explained at the board meeting that the firm will work with a lot more performers from Korea and internationally who are not really part of the Big Hit Labels and that SEVENTEEN was the very first example.

SEVENTEEN's CAREER VENTURE ON WEVERSE

(Photo : Twitter)

Weverse is a fan base network forum site created by beNX, a conglomerate of Big Hit Entertainment entertainment platform business. The BTS, TXT, and GFRIEND groups have already launched an application.

Big Hit Entertainment managed to hold a company debrief on February 5. Co-CEO Lenzo Yoon agreed to announce at the event that the organization will be collaborating with more artists from Korea and internationally who are just not part of the Big Hit Labels.

Pledis Entertainment has confirmed this with the following official notice:

"Hello, This is Pledis Entertainment. 

We wish to make a public announcement regarding the launch of the Weverse system from SEVENTEEN.

The global fan group of SEVENTEEN "SEVENTEEN Weverse" is slated to commence in early 2020. You will indeed be capable of communicating closely with SEVENTEEN and encounter a range of content through "SEVENTEEN Weverse."

We will start making further announcements regarding the launch date as well as other detailed information.

We thank the CARATS and appreciate your continued support for the SEVENTEEN projects.

Thank you very much!"