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Photographer: Lisa O’Connor / AFP / Getty Images
Photographer: Lisa O’Connor / AFP / Getty Images
The Korean company that started the K-pop sensation BTS is paying $ 1.05 billion to a star-studded American media group behind the careers of global stars Justin Bieber and Ariana Grande.
Photographer: Michael Tran / Getty Images
Big Hit Entertainment, changing its name to HYBE, invests 1.07 trillion won ($ 950 million) in its U.S. unit to acquire Ithaca Holdings LLC, run by music impresario Scooter Braun. Big Hit will pay shareholders and bondholders a total of $ 1.05 billion to buy Ithaca, according to a regulatory filing in Seoul on Friday.
The Ithaca acquisition would be Big Hit Entertainment’s first major foray into the US market. Braun, currently CEO of Ithaca, will join HYBE’s board of directors, the companies said in a declaration. As part of the transaction, Carlyle Group will sell its significant minority stake in Ithaca, which it has held since 2017.
Photographer: SeongJoon Cho / Bloomberg
Braun praised HYBE’s systems and said the merger would create “exponential” opportunities for new and existing Ithaca artists. HYBE President and CEO Bang Si-Hyuk called the deal an “inevitable membership”.
Big Hit helped popularize K-pop, with BTS ‘”Dynamite” topping the Billboard Hot 100 in 2020. BTS was the first Asian act to be No.1 on the US Music Chart since Kyu Sakamoto held the top. first place for three weeks in 1963.
(Add comments in the 4th paragraph. An earlier version misstated the year of Parasite’s Oscar victory.)
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