World record-breaker group BTS‘ home agency, Hybe Labels, previously Big Hit Entertainment, is reportedly acquiring Scooter Braun’s Ithaca Holdings. Founded by Braun, Ithaca Holdings currently manages renowned pop singers, from Justin Bieber to Ariana Grande.
Korean invasion: Hybe Entertainment goes all in for Ithaca Holdings’ acquisition
According to Yonhap News, Hybe Labels will purchase a 100% stake in Ithaca Holdings. In the process, Hybe Labels will be investing 1.07 trillion won ($950 million) into its U.S. unit, a separate regulatory filing explains. The total spendings for Ithaca Holdings acquisition will cost the South Korean entertainment company a total of $1.05 billion to pay shareholders and bondholders. Accordingly, the deal also includes the acquisition of Ithaca Holdings’ affiliates like SB Projects and Big Machine Label Group. In addition to the partnership news, Ithaca’s chief executive officer, Scooter Braun, will join the board of Hybe.
Future prospect
Ithaca Holdings’ acquisition is Hybe Labels’ first major foray into the U.S. market. Hybe Labels hopes the collaboration could “accelerate its entrance into the global market”.
Braun is also expecting a lot from the partnership. Quoted from Bloomberg, Braun mentioned that Hybe’s systems may create “exponential opportunities for new and existing Ithaca artists”.
Read also: Smart Communications Chooses New Ambassador: BTS
Follow and join us on Youtube, Instagram, Facebook, and Twitter to be part of the trader community in Asia
