The BTS company HYBE, formerly known as Big Hit Entertainment, is making massive money moves.
The company has merged with Ithaca Holdings, led by Scooter Braun‘s SB Projects, for a deal valued at more than $1 billion, Variety reported Friday (April 2).
HYBE will acquire a 100% stake in Ithaca Holdings and its properties, including SB Projects and clients Justin Bieber, Ariana Grande and Demi Lovato, as well as Big Machine Label Group.
Scooter will join the board of HYBE. Scott Borchetta will remain CEO of Big Machine Label Group. Artists belonging to both companies will participate in the capital increase of HYBE, according to a press release.
HYBE is now set to be one of the biggest entertainment companies with a music focus in the world.
Find out more about the deal inside…
“The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined. The two companies will work closely together leveraging our proven track records of success, know-how, and expertise to create synergy, transcend borders and break down cultural barriers. Please look forward to the endless possibilities of HYBE and Ithaca Holdings, and the new paradigm the partnership will establish in the music industry,” said HYBE chairman and CEO Bang Si-Hyuk.
“This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist’s career. Plus, it will help us to continue to further the careers of the artists we already work with. Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself. Its implications for the business will be monumental for a long time to come. I am incredibly grateful for Chairman Bang’s friendship and his willingness to support the creative journey of an artist,” said Scooter Braun.
The deal includes management, label services and publishing for a combined roster that includes BTS, TXT and SEVENTEEN, alongside acts like Justin Bieber, Ariana Grande, J Balvin, Demi Lovato and Florida Georgia Line, among others.
Big Hit Entertainment’s name change to HYBE reportedly is due to the company’s desire to position itself as a company that has expanded beyond artist management and become a more comprehensive lifestyle platform. Click here to learn more about the deal.
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