Big Hit Entertainment Buys Scooter Braun’s Ithaca Holdings
Posted on 04/02/2021
HYBE (formerly Big Hit Entertainment) is the South Korean entertainment group whose artists include BTS. HYBE signed a deal to purchase 100% of Ithaca Holdings LLC, the music and entertainment firm founded and led by Scooter Braun for US$ 1.05 billion to shareholders and bondholders. HYBE is investing 1.07 trillion KRW into its U.S. unit to acquire Ithaca Holdings. Carlyle Group will sell its significant minority stake in Ithaca, which it has held since 2017. Ithaca Holdings owns SB Projects, which has management over clients such as Justin Bieber, Ariana Grande, and Demi Lovato, among others, as well as Big Machine Label Group.
Big Hit Entertainment changed its name to HYBE.
Big Hit Entertainment helped popularize K-pop. BTS was the first Asian act to be No. 1 on the U.S. music chart since 1963.
