Big Hit Labels to Reportedly Take Over Zico's Agency KOZ Entertainment
Reports are floating around stating that BigHit Labels, the company of BTS and TXT, is taking over Zico's Company KOZ Entertainment. BigHit also manages soloist Lee Hyun and has multiple subsidiaries, including Source music, GFRIEND, and has the biggest share in Pledis Entertainment, which is home to artists like SEVENTEEN and NU'EST.
Bang Si Hyuk, the CEO of the company, holds the largest share, and his cousin, Bang Joon Hyuk, the CEO of mobile gaming company Netmarble, holds the second-largest share.
As many already know, Netmarble is responsible for BTS World as well as another BTS Universe game coming soon. Big Hit commenced plans to go public on May 21, 2020, applying for a pre-IPO consultation with the Korea Exchange. This is required under South Korean law before a company can file paperwork for an IPO. One week later, the company filed for a preliminary review of its planned IPO.
In August of this year, Big Hit Entertainment passed the preliminary screening for its planned initial public offering (IPO), and the agency recently filed to go public on the stock market.
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KOZ Entertainment is South Korean hip-hop and R&B label founded by Zico in 2019. KOZ stands for "Kings of The Zungle" and currently has soloists Zico himself and indie artist DVWN under the label.
On September 3, 2020, an industry representative and source revealed that BigHit Entertainment is seeking to acquire KOZ Entertainment, and the process was started earlier this year. This news comes after Zico's appearance in BigHit's observation reality show I-LAND that follows the creation of a boy group every step of the way.
However, nothing is entirely sure yet as BigHit has finally responded to the rumors. Despite the reports, Big Hit Entertainment has denied any news of the acquisition. The company has also shared that, "We are open to various opportunities, but nothing has been decided yet."
