Group BTS’ agency HYBE(chairman Bang Si-hyuk) acquires Ithaca Holdings (CEO Scooter Braun), a comprehensive media company of American star producer Scooter Braun. HYBE announced on the 2nd that it would acquire 100% of Ithaca Holdings for $1.55 billion through its U.S. subsidiary Big Hit America. Ithaca Holdings is a management company that includes Ariana Grande, Justin Bieber, J. Balbin, Demi Lovato, and Black Eyed Peas. It is known that the affiliated artists and major executives and employees of Ithaca Holdings also participate in the capital increase of HYBE, strengthening the cooperative relationship between the two companies. HYBE and Ithaka Holdings have partnered with album productions and management activities of various global artists such as BTS, Tomorrow by Together, Seventeen, NU’EST, GFRIEND, Zico, ENHYPEN, Justin Bieber, Ariana Grande, J. Balbin, Demi Lovato, Thomas Lett, Florida Georgia Line, Lady A.
In particular, Chairman Bang Si-hyuk said, “This new partnership with Ithaca Holdings is a new challenge that no one has ever imagined. We hope to see the infinite possibilities of HYBE and Ithaca Holdings, which will open up a new paradigm in the music industry in a different dimension than ever before.”
With this deal, HYBE and Ithaca Holdings can expect not only innovation in the global music industry, but also synergies in various areas such as IT, commerce, culture, and movies.
Source: www.osen.co.kr
