HYBE—the South Korean entertainment conglomerate formerly known as Big Hit Entertainment, label and management home to Korean superstars BTS, among others—has announced the acquisition of American music executive Scooter Braun’s Ithaca Holdings, including companies such as SB Projects and Big Machine Label Group. The acquisition was made by the subsidiary HYBE America. Braun will join the executive board of HYBE as a result of the deal, while Scott Borchetta is set to remain CEO of Big Machine.
“The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined,” HYBE chairman and CEO Bang Si-Hyuk (aka Hitman Bang) said in a press release. “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.”
The new development brings together some of the biggest artists in the music industry under one roof. In addition to BTS, HYBE is also home to other major K-pop names like SEVENTEEN, GFRIEND, and ZICO, among others. SB Projects clients include Justin Bieber, Ariana Grande, Demi Lovato, J Balvin, Florida Georgia Line, and many others.