AceShowbiz - BTS' company has merged with music mogul Scooter Braun's Ithaca Holdings as part of a deal valued at over $1 billion.
Bosses at HYBE - formerly Big Hit Entertainment - will acquire a 100 per cent stake in Ithaca Holdings and its properties, including SB Projects and clients Justin Bieber, Ariana Grande, and Demi Lovato, as well as Taylor Swift's former record company Big Machine Label Group, while Scooter will join the board of HYBE, according to a press release obtained by Variety.
As a result, HYBE will become one of the world's biggest entertainment companies.
"The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined," the release reads. "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," said HYBE chairman and CEO Bang Si-Hyuk.
Meanwhile, Braun adds, "This will be the first time HYBE's groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist's career. Plus, it will help us to continue to further the careers of the artists we already work with."
"Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself. Its implications for the business will be monumental for a long time to come. I am incredibly grateful for Chairman Bang's friendship and his willingness to support the creative journey of an artist."