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SEOUL (Reuters) – South Korean company HYBE Co, formerly known as Big Hit Entertainment and manager of K-pop supergroup BTS, to acquire Ithaca Holdings from Scooter Braun in $ 1.05 billion deal of dollars.
The merger brings BTS, Justin Bieber, Ariana Grande and other artists together under one roof for management, label services and editing.
Ithaca Holdings CEO Scooter Braun will join HYBE’s board of directors and Scott Borchetta will remain CEO of Big Machine Label Group, HYBE said in a statement on Friday.
HYBE said in a separate regulatory filing that its Big Hit America unit would pay 1.19 trillion won ($ 1.05 billion) for the merger, including cash payments to existing shareholders and creditors of Ithaca Holdings LLC. .
In a second filing, HYBE said it would issue new shares worth 182 billion won to be allocated to Braun, Borchetta, Grande, Bieber and others.
The artists of the two companies will participate in the capital increase of HYBE, in order to further strengthen the ties between the two companies, HYBE said in its statement.
As part of the transaction, Carlyle Group Inc will sell its significant minority stake in Ithaca Holdings, after initially investing in the company in 2017, the statement said.
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