BTS’s K-Pop Agency Buys Justin Bieber Manager’s Firm for $1 Billion

[sutramaya]

The Korean company that launched K-pop sensation BTS is paying $1.05 billion for a star-studded U.S. media group behind the careers of global stars Justin Bieber and Ariana Grande.

Big Hit Entertainment, which is changing its name to HYBE, is investing 1.07 trillion won ($950 million) into its U.S. unit to acquire Ithaca Holdings LLC, led by music impresario Scooter Braun. Big Hit will pay a total of $1.05 billion to shareholders and bondholders to purchase Ithaca, according to a regulatory filing in Seoul Friday.

The acquisition of Ithaca would be the first major foray into the U.S. market for Big Hit Entertainment. Braun, currently Ithaca’s chief executive officer, will join the board of HYBE, the companies said in a statement. As part of the transaction, Carlyle Group will sell its significant minority stake in Ithaca, which it has held since 2017.

BTS featuring Justin Bieber/Ariana Grande/Demi Lovato?

Source: https://www.bloomberg.com/news/articles/2021-04-02/k-pop-agency-to-buy-justin-bieber-manager-s-firm-for-1-billion

[briprin1]

wonder why scooter sold it... also this includes big machine records, the country label that Taylor Swift was signed to.