Scooter Braun has sold all of its Ithaca titles – including SB Projects and Big Machine Label Group – to South Korea’s HYBE, formerly known as Big Hit Entertainment.
HYBE subsidiary HYBE America has acquired a 100% stake in Ithaca, which to date has been backed by capital from investment giant Carlyle Group. As a result, Carlyle leaves her position in the acquired company.
Following this agreement, Braun will join the board of directors of HYBE, while Scott Borchetta will remain CEO of Big Machine Label Group.
In a press release, HYBE said: “With Ithaca Holdings, HYBE establishes an important stepping stone in its expansion into the global market and establishes a leading multi-label structure globally. Ithaca Holdings’ market and industry expertise will accelerate the entry of HYBE artists into the US market and beyond and strengthen HYBE’s competitiveness in the global market.
He confirmed: “[This] deal brings together a range of services including management, label services and editing for global artists BTS, TXT, SEVENTEEN, NU’EST, GFRIEND, ENHYPEN, ZICO, Justin bieber, Ariana Grande, J. Balvin, Demi Lovato, Thomas rhett, Florida Georgia Line, Lady A and more.
Braun’s management company, SB Projects, represents talents such as Justin Bieber, Ariana Grande, J Balvin and Demi Lovato.
Ithaca Holdings acquired Big Machine Label Group for an estimated $ 330 million in 2019. The following year Ithaca / Big Machine sold the rights to recorded music on Taylor Swift’s first six albums to another financial player. , Shamrock Capital, for approximately $ 300 million.
In addition to Big Machine, Ithaca owns companies such as Atlas Music Publishing, which it acquired in 2019, as well as Raised In Space – the music startup accelerator led by Zach Katz and Shara Senderoff.
Announcing the acquisition of Ithaca by HYBE today (April 2), HYBE CEO Bang Si-Hyuk said, “The inevitable accession of HYBE and Ithaca Holdings marks the beginning of a new adventure that no one could have imagined.
“The two companies will work closely together, leveraging our proven track record 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, as well as the new paradigm the partnership will establish in the music industry.
“The inevitable combination of HYBE and Ithaca Holdings marks the start of a new adventure that no one could have imagined.”
Bang Si-Hyuk, HYBE
Braun added, “This will be the first time that HYBE’s revolutionary systems and curation are integrated into the US market early in an artist’s career. In addition, it will help us continue to advance the careers of the artists we already work with.
“Global opportunities for artists are becoming 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 extremely grateful for President Bang’s friendship and his willingness to support an artist’s creative journey.
“This will be the first time that HYBE’s revolutionary systems and curation have been integrated into the US market early in an artist’s career.”
Braun scooter
Allison Kaye, Ithaca Holdings Partner, said, “For 15 years I have worked alongside Scooter to help them build a premier entertainment company and a phenomenal team of which we are both extremely proud.
“We have launched amazing careers and brands and released amazing content to the world. We are excited to partner with Chairman Bang and HYBE to expand the global reach of both companies and artists as we continue to grow our business and their careers in entertainment, technology, commerce and content.
HYBE announced the official name change from Big Hit Entertainment last month.
The company recently announced a partnership with Universal Music Group which will see HYBE and UMG jointly launch a label in the United States.
HYBE (then Big Hit) floated on the Korean stock exchange last year.Music company in the world
