HYBE Corporation, home to BTS, has acquired Scooter Braun’s Ithaca Holdings. Formerly Big Hit Entertainment, HYBE will acquire a 100 percent stake through its subsidiary HYBE America. That includes SB Projects, management clients like Justin Bieber, Ariana Grande, Demi Lovato, and Big Machine Label Group, a 2019 controversial purchase that led to Taylor Swift rerecording her first five albums. Braun will join HYBE’s board and Scott Borchetta will remain CEO of Big Machine Label Group. Artists of both companies “participate in the capital increase of HYBE,†according to a release obtained by Variety. While they’re now under the same roof, K-pop groups BTS and TXT remain under the label Big Hit Music. The deal includes management, label services, publishing, and other services for a combined roster with HYBE, SB Projects, and Big Machine artists. “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined,†HYBE CEO Bang Si-hyuk said in a statement. “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.â€
“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 added. “Plus, it will help us to continue to further the careers of the artists we already work with.†Earlier this month, the company announced its name change from Big Hit Entertainment to HYBE Corporation, expressing an interest in expanding beyond the five independent labels they already hold. The firm went public in October 2020, making the members of BTS, RM, Jin, Suga, Jimin, V, Jungkook and J-Hope millionaires. The takeover continues.
An earlier version mistakenly left out a member of BTS. We regret the error.