Big Hit Entertainment, which recently changed its name to HYBE, acquires global media company Ithaca Holdings. On April 2, HYBE announced that it had decided to acquire a 100% stake in Ithaca Holdings, a local media holding company, through its US subsidiary BigHit America. The acquisition is worth $950 million.
Ithaca Holdings is founded by Scooter Braun, which has been in charge of managing Justin Bieber and Ariana Grande and is a comprehensive media company that encompasses various media fields, including artist management, music publishing, movies, and TV shows. The management company “SB Project” includes Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Black Eyed Peas, and the Big Machine label group that discovered Taylor Swift under its subsidiary.
HYBE explained, “We are trying to accelerate our entry into the global market by acquiring overseas labels through a US subsidiary.” Ithaca Holdings Chairman Scooter Braun will be appointed HYBE’s in-house director. HYBE decides on an executive director’s appointment at a general shareholders’ meeting held in Seoul Dragon City.