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Hybe is a South Korean entertainment label that was formerly known as Big Hit Entertainment, the home of the world-famous BTS boy band. It is expanding and slowly making its way to be a global company by acquiring the US-based Ithaca Holdings that house Justin Bieber and Ariana Grande.
Hybe has been on the headlines since the weekend after it was announced that it purchased Scooter Braun’s Ithaca Holdings. As per The Korea Herald, the deal to acquire the American music company cost almost $1 billion or KRW1.07 trillion, and Hybe’s chief executive officer Bang Si Hyuk said that the acquisition was inevitable.
Company’s impressive artist line-up
CEO Bang added that together with Ithaca, they would work to “transcend borders” and “break down cultural barriers.” Hybe will buy a 100% stake in Ithaca Holdings through Big Hit America.
The seven BTS members own a total of 478,695 shares of Hybe, and this was revealed via Big Hit’s report last year. It was reported that both Justin Bieber and Ariana Grande are going to be shareholders as well, and each of them owns 53,557 stocks.
With Hybe’s acquisition, it is now home to the biggest musicians of this era. Aside from BTS, Bieber, and Grande, Demi Lovato, J Balvin, and Kpop band TXT are also signed with the company.
Moreover, Hybe is also managing and publishing for a roster of Kpop stars like Zico, GFriend, NU’EST, Seventeen, and Enhyphen. Thomas Rhett and duo musicians Florida Georgia Line are part of the company now.
What’s in the deal
The sale of Ithaca Holdings followed a series of board meetings and months of speculations. And now that the deal has been confirmed, Scooter Braun will now join Hybe’s board.
Deadline reported that based on the agreement, HYBE’s subsidiary HYBE America will take full control of Ithaca and its assets that include Big Machine Label Group and SB Projects.
The South Korean firm will put in $950 million in its US unit then pay stakeholders and other investors nearly $1 billion to complete the deal. Lastly, it was mentioned that Scott Borchetta will remain Big Machine’s CEO once the deal is sealed.
“The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined,” CEO Bang said. “Please look forward to the endless possibilities of HYBE and Ithaca Holdings and the new paradigm the partnership will establish in the music industry.”
