By Emmanuel Legrand
HYBE, the South Korean company behind K-pop band BTS, has acquired 100% of Ithaca Holdings, the investment arm of music entrepreneur Scooter Braun, including the share owned by investment firm Carlyle Group.
The deal, made through its American subsidiary HYBE America, includes management company SB Projects (Justin Bieber, Ariane Grande, J Balvin and Demi Lovato) and Nashville-based Big Machine Label Group.
Braun will join the board of HYBE, and Scott Borchetta will remain CEO of Big Machine Label Group, the company he founded and sold to Braun a couple of years ago.
A new adventure
HYBE Chairman & CEO Bang Si-Hyuk commented: “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined. 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."
Added Braun: “Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself. Its implications for the business will be monumentous for a long time to come."
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