Bloomberg reported on June 2nd that HYBE is seeking to raise around 500 billion won ($380 million) to fund acquisitions in the US and expand its business beyond K-pop.
According to people familiar with the matter, HYBE is in talks with investors to secure equity financing and is open to having both strategic and financial partners.
These people said the size and timing of the deal could change because the talks are early.
HYBE’s chairman Bang Si Hyuk has been reportedly pushing for acquisitions of labels overseas that can diversify the business and reduce his reliance on one act. A HYBE representative declined to comment.
Bloomberg reported that the size of the deal was once discussed in the market to be around one trillion won but it is closer to around 500 billion won, reflecting current market situations.
Meanwhile, HYBE announced on the same day that Scooter Braun, CEO of HYBE America, sold 68,500 ordinary shares (0.16%) at 270,000 won per share through after-hours trading.
The amount was about 18.5 billion won, and Braun’s stake decreased from 1.03% to 0.87%.
HYBE’s stock price closed at 270,000 won, down 2.7% (7,500 won) from the previous day.
Source: Daum, Bloomberg