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BTS agency Hybe to acquire Scooter Braun-led firm

K-pop 17:39 April 02, 2021

SEOUL, April 2 (Yonhap) -- Hybe, the company behind K-pop phenomenons BTS, announced Friday a deal to buy a 100 percent stake in American music entrepreneur Scooter Braun's Ithaca Holdings.

Under the deal, Hybe -- formerly Big Hit Entertainment -- will be acquiring the media company, which owns affiliates like SB Projects, founded by Ithaca chief executive Scott "Scooter" Braun and Big Machine Label Group, the company said in a statement.

In a separate regulatory filing, the company said it plans to buy an additional 950 million shares in Big Hit America for 1.07 trillion won (US$950 million) to "acquire an overseas label through its U.S. subsidiary to accelerate its entrance into the global market."

The deal is set to bring together top-tier artists managed by both companies. Hybe owns several labels that represent K-pop acts, like BTS, Seventeen, TomorrowXTogether and Enhypen, while Ithaca Holdings is associated with artists like Justin Bieber, Ariana Grande and J Balvin.

The acquisition is the latest in Hybe's drive to become a global platform company. In March, Big Hit Entertainment announced a plan to change its name to Hybe and grow into what it called an "entertainment lifestyle platform."

This image, provided by Hybe, shows its corporate logo. (PHOTO NOT FOR SALE) (Yonhap)

mlee@yna.co.kr
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