Ithaca Holdings Sold To HYBE

Buys Ithaca Holdings

SOUTH KOREA’s HYBE, formerly known as BIG HIT ENTERTAINMENT, has purchased ITHACA HOLDINGS from SCOOTER BRAUN. BIG HIT is best known as the home of K-POP stars BTS. Financial terms of the deal were not disclosed.

The purchase includes SB PROJECTS and BIG MACHINE LABEL GROUP, along with management and publishing arms. The combined roster will include BTS, TXT and SEVENTEEN coming from HYBE, with JUSTIN BIEBER, ARIANA GRANDE, J BALVIN, DEMI LOVATO, THOMAS RHETT, FLORIDA GEORGIA LINE, LADY A and more from SB PROJECTS and BIG MACHINE.

BRAUN is expected to join the board of HYBE, while SCOTT BORCHETTA will remain CEO of NASHVILLE-based BIG MACHINE LABEL GROUP.

HYBE Chairman/CEO BANG SI-HYUK told VARIETY, “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.”

BRAUN said, “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. 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 monumental for a long time to come. I am incredibly grateful for Chairman BANG’s friendship and his willingness to support the creative journey of an artist.”

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