HYBE (formerly Big Hit Entertainment) has acquired Ithaca Holdings, a fully integrated media company with interests across music, tech, film, television, brands, and culture led by SB Projects‘ founder Scooter Braun. As part of the international deal, HYBE will acquire through its wholly-owned subsidiary HYBE America, a 100% stake in Ithaca Holdings and its properties such as SB Projects and Big Machine Label Group. Ithaca Holdings CEO Braun will join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group. Artists of both companies will participate in the capital increase of HYBE, to further strengthen the ties between the two companies.
Regarding the newly integrated partnership, HYBE Chairman and CEO Bang Si-Hyuk commented, “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 added, “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.”
Allison Kaye, Partner Ithaca Holdings 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 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 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. The partnership will expedite HYBE artists’ entry into the U.S. market and beyond and solidify HYBE’s competitiveness in the global market.
As part of the transaction, The Carlyle Group will sell its significant minority stake in Ithaca Holdings, after initially investing in the company in 2017 by way of its Carlyle Partners VI fund.
Adriana Chavez is the editor for Vacancy. Email: firstname.lastname@example.org