HYBE Acquires Scooter Braun’s Ithaca Holdings, Including BMLG
HYBE (formerly Big Hit Entertainment), the South Korean entertainment company home to international superstars BTS, is acquiring Ithaca Holdings, and its properties including SB Projects and Big Machine Label Group. Ithaca Holdings CEO Scott “Scooter” Braun will join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group.
Ithaca Holdings is a fully integrated media company with interests across music, tech, film, television, brands and culture. The deal brings together a range of services including management, label services and publishing for global artists BTS, TXT, SEVENTEEN, NU’EST, GFRIEND, ENHYPEN, ZICO, Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, Lady A and more.
HYBE will use Ithaca’s market and industry expertise to expedite HYBE artists’ entry in the U.S. market and beyond.
Regarding the newly integrated partnership, HYBE Chairman & CEO Bang Si-Hyuk said, “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 monumentous 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.”
