Justin Bieber, who joined Hybe, which BTS belongs to, said, “I am very excited to collaborate with a great team and expand into the global music market.”
Justin Bieber announced in a congratulatory message video by Hybe, Ithaca Holdings executives, and major artists, which was released on the official YouTube channel of Hybe on the 5th.
Hybe announced on the 2nd that it would acquire Ithaca Holdings, a U.S. media company that manages Justin Bieber, Ariana Grande, and J Balvin. As a result, American pop stars such as Bieber and Grande will be in a family with BTS.
“We look forward to the possibility that this coalition will bring,” Bieber said. “We’ll be supported in every way, and we’ll be able to do a lot of things as a team. Let’s make history together.
BTS said, “We are so happy to have artists who we really like and enjoy listening to as a family. I think there are no boundaries or limitations in what we do.” and, “We hope we can grow together with our fellow artists who have become a new family,” they said. “We hope the new attempt will lead to a different experience, emotion, and joy for our fans.”
J Balvin and Demi Lovato also celebrated the combination of the two companies, saying, “Blessing you” and “Congratulations on becoming a family,” while Seventeen also said, “We hope it will be an opportunity to work with top global artists to get closer to fans around the world.”
“We’re going to take another leap forward with the world’s best partner,” said Bang Si-hyuk, chairman of the board of directors. “Hybe and Ithaca Holdings have something in common: they started empty-handed with big dreams and grew into global companies. Chairman Bang said, “Please watch the infinite possibilities of Hive and Ithaca, which will open a new paradigm for the music industry at another level.”
“This partnership is an opportunity for both Hybe and us to make history, innovate the music industry, and reverse the edition itself,” said Scooter Braun, the U.S. mogul who founded Ithaca Holdings. Scooter Braun will also be appointed as an executive director of Hybe at the extraordinary general meeting of shareholders on April 14.
Itaca Holdings has management company “SB Project”, country music label “Big Machine Lable Group”, and “Silent Content Ventures”, which produces and distributes TV and OTT content. When the acquisition process is completed, Hybe subsidiary Big Hit America will have a 100% stake in Ithaca Holdings. With an acquisition size of $1.05 billion (about 1.186 trillion won), it is the largest M&A for domestic entertainment companies and the first overseas label acquisition case for domestic companies.