The South Korean media company, home of the k-pop juggernaut BTS, buys the American firm Ithaca Holdings. The music empire led by Scooter Braun will now be under the full ownership of HYBE. It was definitely a thunderbolt of joy after the BigHit Label changed its name to HYBE(hybrid energy holding) but no one saw the electrifying news of such a thwack overtaking.
Possible Future Collaborations
The aesthetic takeover of Ithaca Holdings fosters the possibility of future collaborations of artists like Ariana Grande, Justin Beiber, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, and Lady A with BTS, TXT, SEVENTEEN, NU’EST, GFRIEND, ENHYPEN, ZICO. Much to Army’s interest after HYBE paid $1.05 Billion dollars for the deal, a part of the billion-dollar deal, Scooter Braun is paying more than $40 million equity to artists and staff out of his stake.
“HYBE said in a statement that Ithaca’s emphasis on artist branding made it an appealing acquisition target.”
The complete ownership even includes the minority stakeholding under the US private-equity firm Carlyle Group. According to sources, out of Braun’s stake, a total of 39 people will receive shares based on the current exchange rate leveling $186 million.
Artists part of the @HYBEOFFICIALtwt system@BTS_twt@justinbieber@pledis_17@ArianaGrande@TXT_bighit@ddlovato@torikelly@ENHYPEN@AS_supporters@BEP@NUESTNEWS@JBALVIN@ZICO92@carlyraejepsen@GFRDofficial@davidguetta@chaelinCL@thisiswatt @thehyun11@DanAndShay
— Jeff Benjamin (@Jeff__Benjamin) April 2, 2021
Distribution Of Shares
These include, Braun will get 462,380 ($99.4 million), while CEO Scott Borchetta will receive 166,537 ($35.8 million); and Grande and Bieber will each receive 53,557 shares, or $11.5 million each, the company filing states. Balvin will get 21,423 shares ($4.6 million), Lovato will receive 5,355 shares ($1.2 million) and Quavo will receive 1,338 ($287,630). The remaining are possibly a part of Ithaca’s current shareholders, executives, and a list of mix artists’.
CEO Bang Si-Hyuk’s Goal To Build HYBE Into An International Entertainment Conglomerate
The deal commences the union of Big Hit Entertainment’s management company and labels with Ithaca’s entertainment holdings which include Big Machine Label and SB projects company. Finally, after the acquisition of numerous small ventures, this big news marks the start of an international mogul monopoly for HYBE in the American corporate industry.
Hello Justin Bieber Hi Justin Seagull
Hyung of Hybe maknae of Hybe pic.twitter.com/yIl4cP9bxX
— 방탄소년단 (@H0SEOK_) April 3, 2021
Announcing HYBE’s acquisition of Ithaca yesterday (April 2), HYBE Chairman & CEO Bang Si-Hyuk commented, “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined.”
HYBE’s official statement quoted:
“With Ithaca Holdings, HYBE sets an important stepping-stone in expanding into the global market and establishes a global top-tier multi-label structure. Ithaca Holdings’ market and industry expertise will expedite HYBE artists’ entry in the U.S. market and beyond and solidify HYBE’s competitiveness in the global market.”
“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.” – Scooter Braun
Are you jolted? Tell us your thoughts on the global takeover.