K-Pop Leader HYBE, Home of BTS, Buys Scooter Braun's Ithaca Holdings: 'Start of a New Adventure'
Scooter Braun and CEO Bang Si-Hyuk are teaming up!
On Friday, Braun's media company, Ithaca Holdings, merged with Bang's entertainment company, HYBE, previously known as Big Hit Entertainment, in a deal said to be valued at more than $1 billion, per Variety.
Within the deal, HYBE bought Ithaca Holdings and its properties, which includes Big Machine Label Group run by CEO Scott Borchetta.
With this international move, Braun will join the board of HYBE as he says that the deal will help the artists within both companies to be exposed to "global opportunities."
"This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself," said Braun in a press release. "Its implications for the business will be monumentous 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."
Bang started HYBE as Big Hit Entertainment in 2005 and has grown it into a major powerhouse label.
"The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined," said Bang. "The two companies will work closely together.. to create synergy, transcend borders and break down cultural barriers."