HYBE (formerly Big Hit Entertainment) has made it public that they are acquiring a 100 percent stake in Ithaca Holdings, which includes SB Projects and internationally successful artists like Justin Bieber, Ariana Grande and Demi Lovato.
Scooter Braun, the founder of SB Projects, is joining the board of HYBE and Scott Borchetta will remain the CEO of Big Machine Label Group.
HYBE also shared its plans to purchase an additional 950 million shares in Big Hit America for $9.5 billion US dollars to acquire an overseas label to accelerate its entrance into the global market.
HYBE’s chairman and CEO Bang Si-hyuk stated, “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure that 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.”
Allison Kaye, the president of SB Projects said, “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. We have launched amazing careers and brands and released incredible content into the world. We are ecstatic to have this new opportunity to partner with Chairman Bang and Big Hit to further the global reach of both companies and the artists with whom we have the privilege of working as we continue to grow our company and their careers across entertainment, technology, commerce and content. Thank you to Scooter, Chairman Bang and everyone involved. We are beyond grateful for the opportunity.”
Founded in 2005, Big Hit Entertainment began as a small company in South Korea, was met with many challenges and failures until it made a name for itself when the Bangtan boys started gaining global fans in recent years. Due to the enormous success of the group, their creator and producer Bang Si-hyuk was able to pay off his immense amount of debt and currently receives recognition as a successful CEO and producer.
–J.Chung.