HYBE, the label behind K-pop group BTS, has acquired Scooter Braun's management and publishing company Ithica Holdings for $1 billion, the Wall Street Journal reports. The companies under Ithica's wing include SB Projects, which sports a roster of major pop musicians including Ariana Grande, Justin Bieber, J Balvin, and more. Ithica's country music sector Big Machine Label Group was also included in the sale.
Bang Si-Hyuk, HYBE's chairman and CEO, issued a statement obtained by Pitchfork on the sale. “The inevitable 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.”
HYBE (formerly known as Big Hit Entertainment) recently invested $3.6 million in Supertone, a South Korea-based company specializing in realistic A.I.-generated replications of celebrities.