SM Entertainment has made another surprising announcement after a series of big-scale takeovers.
SM C&C, a subsidiary company of SM Entertainment, has merged with INFINITE’s agency Woollim Entertainment and decided to run an independent label “Woolim Label,” the major agency said through a statement Friday.
Woolim Label will continue to pursue their independent domain of their current artists INFINITE, Nell, TASTY and further rookie artists, set to make synergy effect with SM’s affiliates SM Entertainment, SM C&C and other global subsidiary firms.
For Woolim Label, SM Entertainment will be charge of international distribution of its artists’ music and additional business, while SM C&C will do its label business, SM explained.
SM added that this takeover is expected to make a big improvement in SM group’s whole revenue and work as a steppingstone to mark itself as Asia’s biggest music group and even the first home-grown global music company.
Reporter. Lee Hye Ji firstname.lastname@example.org
Photographer. Gue Hye Jung