HYBE (Big Hit Entertainment) is officially merging with Ithaca Holdings. Ithaca Holdings, founded by Scooter Braun, is a media and entertainment investment company. The HYBE will own all shares of Big Hit America (approximately 1.51 Billion USD) and will merge with Ithaca Holdings. Thus, ITHACA will become a subsidiary of HYBE America. HYBE and its subsidiaries run the largest K-Pop artist groups such as BTS, TXT, SEVENTEEN, NU’EST, GFRIEND and ENHYPEN.
Ithaca Holdings purchased Taylor Swift’s music catalog for $ 300 million in 2019. Ithaca is also the owner of SB Projects. SB Projects directs artists such as Ariana Grande, Justin Bieber, Demi Lovato. Founder Scooter Braun will join the HYBE board of directors and the artists working under the companies will increase their ties with each other.
CEO Bang Si Hyuk, founder of HYBE, said “the beginning of new adventures for both companies” regarding the merger of HYBE and Ithaca Holdings. It is aimed to create synergy between companies and eliminate cultural barriers.
Bang Si Hyuk explained: “ The two companies will work closely together, leveraging our proven track record of success, knowledge and expertise to create synergy, cross borders and break down cultural barriers. Please consider the endless possibilities of HYBE and Ithaca Holdings and the music of partnership. Look forward to the new paradigm that it will create in its industry. “
In his own statement, Scooter Braun interpreted Bang Si Hyuk as a friend and creator of the adventures of artists. He said that this collaboration will create global opportunities and contribute to the music industry.
However, news came that Warner Bros. could invest $ 450 million in HYBE.