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BTS and Bieber among the artists welcoming the big HYBE Ithaca merger

By | Published on Tuesday 6 April 2021


BTS, Seventeen, Justin Bieber, J Balvin and Demi Lovato have all taken to the YouTubes to confirm just how jolly well excited they are that the two music groups they are respectively linked to – South Korea’s HYBE and US-based Ithaca – are merging. And why wouldn’t they be? We all love billion dollar deals that combine pop machines from two different continents, right?

Home-of-BTS HYBE – until recently known as Big Hit Entertainment – announced that it was acquiring the Scooter Braun-led Ithaca Holdings late last week. HYBE’s US subsidiary is buying Ithaca outright, giving it ownership of an assortment of entertainment industry assets, including Braun’s management business and the Big Machine Label Group. Braun will join the HYBE board, while the Big Machine division will continue to be run by its founder Scott Borchetta.

Confirming the deal, HYBE boss Bang Si-Hyuk said that the “joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined. The two companies will work closely together leveraging our proven track records 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, and the new paradigm the partnership will establish in the music industry”.

Meanwhile, Braun added: “Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionise the game itself. 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”.

According to a regulatory filing regarding the deal, the HYBE parent company is pumping $950 million into its US unit, which in turn will pay a total of $1.05 billion to shareholders and bondholders as part of the Ithaca acquisition. Good times.

Meanwhile, to see Si-Hyuk, Braun and Borchetta all chatting about the big new alliance, along with some cameos from HYBE acts BTS and Seventeen, plus Ithaca clients Bieber, Balvin and Lavato, check this YouTube video here:

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