It is reported that BigHit America is acquiring a 100% stake in Ithica Holdings for 1.7 trillion won ($ 1.51 billion).
HYBE, the company formerly known as Big Hit Entertainment, which is home to BTS, the South Korean pop group, has merged with Ithaca Holdings, the company led by SB Projects (SBP) founder Scooter Braun. In the deal, HYBE will acquire through HYBE America, its wholly-owned subsidiary, a 100% stake in Ithaca Holdings and its properties, which includes SB Projects and management clients Justin Bieber, Ariana Grande, and Demi Lovato, among others, as well as Big Machine Label Group.
Scooter Braun will join the board of HYBE and Scott Borchetta will remain the CEO of Big Machine Label Group. With Ithaca Holdings executives and artists participating in HYBE’s capital raise, their partnership will be further strengthened.
Bang Si Hyuk, HYBE’s Chairman, and CEO declared that the merger of HYBE and Ithaca Holdings “marks the start of a new adventure for both companies” and that they intend to work together to create synergies and remove cultural barriers.
The CEO of Ithaca Holdings, Scooter Braun expressed: “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.”
The artist lineup of the 2 companies will include:
• BTS • TXT • SEVENTEEN • NU’EST • GFriend • Zico • ENHYPEN • Justin Bieber • Ariana Grande • J Balvin • Demi Lovato • David Guetta • Black Eyed Peas • WATT • Dan & Shay • Thomas Rhett • Carli Repsen • Tori Kelly • Florida Georgia Line • Lady A..,
With this merger, HYBE plans to accelerate the entry of their artists into the United States through Ithaca Holdings’ expertise in this market.