HYBE – the South Korean entertainment conglomerate formerly known as Big Hit Entertainment, label and management of Korean superstars BTS – has announced the takeover of Ithaca Holdings from American music manager Scooter Braun, including companies such as SB Projects and Big Machine Label Group. The acquisition was made by the subsidiary HYBE America. Braun will join HYBE’s board of directors as a result of the deal, while Scott Borchetta will remain CEO of Big Machine.
“The inevitable combination of HYBE and Ithaca Holdings marks the beginning of a new adventure that no one could have imagined,” said Bang Si-Hyuk, chairman and CEO of HYBE (also known as Hitman Bang), in a press release. “The two companies will work closely together and use our proven successes, our know-how and our know-how to create synergies, cross borders and break down cultural barriers. Please look forward to the infinite possibilities of HYBE and Ithaca Holdings and to the new paradigm that the partnership will establish in the music industry. “
The new development brings together some of the greatest artists in the music industry under one roof. Besides BTS, HYBE is also home to other big K-pop names like SEVENTEEN, GFRIEND and ZICO. SB Projects clients include Justin Bieber, Ariana Grande, Demi Lovato, J. Balvin, Florida Georgia Line and many others.