Who among the following were revaluing ‘the masses’ as sources and subjects of literature?

The correct option is Richard Hoggart and Raymond Williams.

This choice can be understood by looking at the development of British Cultural Studies in the mid-20th century:
1. Richard Hoggart: In his influential book The Uses of Literacy (1957), Hoggart offered a close analysis of the cultural lives and habits of the working-class communities in Northern England. He challenged the patronizing view of the working class as mere passive consumers of mass-produced culture, highlighting instead the rich, lived texture of their everyday experiences.
2. Raymond Williams: In key texts like Culture and Society (1958) and The Long Revolution (1961), Williams argued that culture is not restricted to high art or elite institutions but is "a whole way of life." He championed the idea that the experiences, languages, and literature of ordinary working people are valuable sources and subjects of academic study.
Together, Hoggart and Williams pioneered a shift in literary and social theory, actively revaluing "the masses" as creators and subjects of literature rather than just passive consumers.