The American subsidiary of HYBE, the South Korean entertainment conglomerate that’s home to BTS and other artists, has acquired a 100% stake in Scooter Braun’s Ithaca Holdings, Music Business Worldwide reports.
Ithaca comprises a handful of different endeavors and entities, including Braun’s management company, SB Projects, which represents Justin Bieber, Ariana Grande, J Balvin, and Demi Lovato. Ithaca also owns Atlas Music Publishing, the music start-up accelerator Raised in Space, and the country label Big Machine Label Group (while that initial purchase gave Ithaca the rights to Taylor Swift’s first six albums, Ithaca sold those to Shamrock Capital last year).
HYBE — which changed its name from Big Hit last month — is an equally vast enterprise with label, management, and publishing services, as well as various tech, lifestyle, and gaming ventures. Its labels are home to some of the biggest K-pop acts in the world, including BTS, Seventeen, and TXT.
The financial terms of the Ithaca/HYBE merger were not disclosed, although Braun is set to join the HYBE board. Scott Borchetta, meanwhile, will remain CEO of Big Machine Label Group.
“This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist’s career,” Braun said in a statement. “Plus, it will help us to continue to further the careers of the artists we already work with. 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. I am incredibly grateful for Chairman Bang [Si-Hyuk’s] friendship and his willingness to support the creative journey of an artist.”
Bang Si-Hyuk, the CEO of HYBE, added: “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. Please look forward to the endless possibilities of HYBE and Ithaca Holdings, and the new paradigm the partnership will establish in the music industry.”