Fresh off their rebrand, HYBE (formerly Big Hit Entertainment) has revealed that they have joined forces with Scooter Braun's Ithaca Holdings.
In a report by Variety, the two companies confirmed that HYBE subsidiary HYBE America will acquire 100% of Ithaca Holdings. The Scooter Braun-led company includes SB Projects which manages global pop stars Justin Bieber, Ariana Grande, Demi Lovato, J Balvin, and more, as well as Big Machine Label Group.1
Big Hit Entertainment starts anew with HYBE, here's what you need to know
Scott Borchetta will remain as CEO of Big Machine Label Group, while Scooter Braun will join the HYBE Board of Directors. The $ 1.05 billion deal with HYBE will grant shares to 39 people on the team, giving equity to both Braun and Borchetta, as well as artists in the likes of Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, and more.
In September 2020, BTS became shareholders of HYBE, before the company went public in October last year, filing the biggest market listing in South Korea since 2017.
In a statement, HYBE Chairman and CEO, Bang Si-Hyuk shared:
"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."
Meanwhile, Scooter Braun added:
"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 monumentous 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."
The partnership will bring together the likes of BTS, TXT, ENHYPEN, ZICO, Justin Bieber, Demi Lovato, Ariana Grande, SEVENTEEN, NU'EST, GFRIEND, and more under one roof.
1 4 April 2021, 2:44pm (GMT+8): This article originally referred to Carly Rae Jepsen as an artist under Ithaca Holdings' subsidiary SB Projects. Jepsen is currently under Mick Management.
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