Justin, meet
Jungkook:
Scooter Braun has sold his
Ithaca Holdings to the K-pop company behind
BTS. Terms were not disclosed, but it has been widely reported that the deal is for $1.05b.
HYBE America, which owns the
Big Hit label and went public in October, will now own Braun’s management company,
SB Projects (which has diversified into film, TV, philanthropy and other ventures), as well as
School Boy Records,
Big Machine Label Group and other operations. Braun will join the board of HYBE, and artists from both camps—BTS,
Justin Bieber,
Ariana Grande, etc.—will benefit financially from the deal.
Scott Borchetta will remain CEO of
Big Machine Label Group.
"Global opportunities for artists become exponential with this partnership," Braun said. "This is an opportunity for us to make history and further innovate the music industry."
“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,” said HYBE Chairman and CEO
Bang Si-Hyuk.
"For 15 years, I have worked alongside Scooter, helping him build a best-in-class entertainment company and phenomenal team of which we are both immensely proud," reads a quote from Ithaca partner
Allison Kaye. "We have launched amazing careers and brands and released incredible content into the world. We are ecstatic to partner with Chairman Bang and HYBE to further the global reach of both companies and the artists as we continue to grow our company and their careers across entertainment, technology, commerce and content."
The Carlyle Group, which invested in Ithaca Holdings four years ago, will sell off its minority stake as part of the deal.
Big Hit Entertainment quietly changed its name to HYBE a little over three weeks ago as the company aims to expand beyond music into travel, real estate and other enterprises.
