Korea’s HYBE acquires Ithaca Holdings at $1.05 billion
HYBE, a Korean entertainment company that manages K-pop superstar BTS, has announced its acquisition of Ithaca Holdings, headed by SB Projects’ founder Scooter Braun.
Toward that end, HYBE will channel $950 million into its U.S. subsidiary, which will spend $1.05 billion to purchase Ithaca Holdings. Braun will join the board of HYBE.
“Hybe has exhibited an interest in Ithaca Holdings from the beginning as a pioneering music industry innovator with an emphasis on artist branding,” HYBE said in a statement.
“As Ithaca Holdings reciprocated interest, the deal rapidly came to fruition. Ultimately, the partnership unites two of the industry’s top innovative companies around a common goal.”
On top of a 100 percent stake in Ithaca Holdings, HYBE will take over its properties like SB Projects and Big Machine Label Group.
This means that such famous U.S. pop stars as Justin Bieber, and Ariana Grande will join BTS, currently the world’s largest boy group.
“The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined,” HYBE CEO Bang Si-hyuk said.
“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.”
Braun also pinned great hope on the partnership.
“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,” he said. “Plus, it will help us continue to further the careers of the artists we already work with.”