After acquiring Justin Beiber’s management company, ‘Hit man’ Bang Si-hyuk added $1.7 billion to his assets
The property of the owner of the BTS management company Bang Si-hyuk has reached $3.2 billion after more than 9 months.
Bang Si-hyuk, the founder of the company behind the global K-pop boy band BTS, doubled his fortune in just a few months as the company’s stock surged.
According to the Bloomberg Billionaires Index, the share price of Hybe Co (formerly Big Hit Entertainment) has increased by 130% since listing in Korea in October 2020. As a result, founder Bang Si-hyuk’s total assets increased from $1.5 billion to $3.2 billion.
Analyst Sungho Park of Yuanta Securities said that the skyrocketing price of Hybe’s stock shows the global appeal of BTS. At the same time, investors also have high expectations for Hybe’s acquisition of Ithaca Holdings, the company that manages A-list stars like Justin Bieber and Ariana Grande.
Bang Si-hyuk owns 34% shares of Hybe and is now still the biggest shareholder. Earlier this month, he said he would step down as CEO to focus on his role as chairman of the Board.
On April 2, Hybe announced the acquisition of American media group Ithaca Holdings for $ 1.05 billion. This is the company that manages famous pop stars like Justin Bieber and Ariana Grande. Scooter Braun, owner of Ithaca Holdings, will become CEO of Hybe America following the merger deal.
Scooter Braun holds 1% shares of Hybe, equivalent to 123.7 million USD. Each member of the BTS group owns shares that are worth $18.3 million. Meanwhile, Bieber and Grande each hold shares worth $14.3 million.
“The takeover marks the beginning of a new adventure that no one could have imagined,” said Hybe President and CEO Bang Si-Hyuk.
“Hybe is looking to reduce dependence on BTS. Hybe’s other boy groups are gaining popularity while the company has more global stars,” said Gina An, an analyst from eBest Investment & Securities Co.
Source: NCDT
