K-Content News
BTS' Management Firm to Acquire US Media Group behind Justin Bieber
- April 06, 2021
BTS' Management Firm to Acquire US Media Group
behind Justin Bieber
Update: 2021-04-05 18:43:10
HYBE, the management agency of global K-pop group BTS, has signed a deal to take over a U.S. media group behind artists like Justin Bieber.
The company, formerly known as Big Hit Entertainment, said on Friday it will take on a 100-percent stake in American music entrepreneur Scooter Braun's Ithaca Holdings for one-point-05 billion dollars or about one-point-18 trillion won.
Ithaca Holdings is a media company that owns affiliates behind the careers of artists like Ariana Grande, Justin Bieber and the Black Eyed Peas, and has expanded to cover the record, film and television industries.
Through the partnership, HYBE and Ithaca will bring together record production and management of their respective top-tier artists.
HYBE chairman and CEO Bang Si-hyuk said the two companies transcend borders and cultural barriers and will create high-level synergy through close cooperation. Braun said the partnership will offer diverse opportunities to many artists in the global market.
The acquisition is the latest in HYBE's drive to become a global platform company.
The company, formerly known as Big Hit Entertainment, said on Friday it will take on a 100-percent stake in American music entrepreneur Scooter Braun's Ithaca Holdings for one-point-05 billion dollars or about one-point-18 trillion won.
Ithaca Holdings is a media company that owns affiliates behind the careers of artists like Ariana Grande, Justin Bieber and the Black Eyed Peas, and has expanded to cover the record, film and television industries.
Through the partnership, HYBE and Ithaca will bring together record production and management of their respective top-tier artists.
HYBE chairman and CEO Bang Si-hyuk said the two companies transcend borders and cultural barriers and will create high-level synergy through close cooperation. Braun said the partnership will offer diverse opportunities to many artists in the global market.
The acquisition is the latest in HYBE's drive to become a global platform company.
