HYBE, Formerly Big Hit Entertainment, Merges With Scooter Braun’s Company Ithaca Holdings
HYBE (formerly known as Big Hit Entertainment) has merged with Scooter Braun’s media company Ithaca Holdings.
On April 2, HYBE revealed that their subsidiary Big Hit America is acquiring a 100 percent stake in Ithaca Holdings. Included in the acquisition are various properties such as SB Projects (Scooter Braun Projects) and Scott Borchetta’s Big Machine Label Group.
Scooter Braun joins HYBE’s board of directors, and Scott Borchetta will remain as Big Machine Label Group’s CEO. With executives and artists of Ithaca Holdings participating in HYBE’s capital increase, their cooperative relationship will be strengthened even further.
Bang Si Hyuk, chairman of HYBE’s board of directors, commented, “This new partnership with Ithaca Holdings is a new challenge that no one could have imagined. Based on the accomplishments and know-how that our two companies have accumulated over the years along with our expertise, we will produce great synergy through close collaboration that goes beyond borders and cultural barriers.”
Ithaca Holdings CEO Scooter Braun continued, “This partnership will be a starting point for HYBE’s innovative systems and curation abilities to be applied to the beginning of artists’ careers in the United States. In addition, not only will it provide great help for the career development of current artists, but it will also help many artists gain diverse opportunities in the global market.”
The partnership of these two companies involves an artist lineup including BTS, TXT, SEVENTEEN, NU’EST, Gfriend, Zico, ENHYPEN, Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, Lady A, and more. With this merge, HYBE plans to accelerate their artists’ entrance into the United States through Ithaca Holdings’ expertise within the U.S. market.