HYBE, the company formerly known as Big Hit Entertainment has merged with Scooter Braun‘s Ithaca Holdings in a huge new deal.
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According to Variety, in the deal, HYBE will acquire Braun’s Ithaca, SB Projects, and management clients: Justin Bieber, Ariana Grande, and Demi Lovato, as well as Taylor Swift‘s former record label Big Machine Label Group.
As part of the deal, Braun will now join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group.
In a statement YBE chairman and CEO Bang Si-Hyuk, said:
“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 tog ether 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.”
Braun then went on to say:
“This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist’s career. Plus, it will help us to continue to further the careers of the artists we already work with.
Global opportunities for artists become exponential with this partnership. This is an opportuni ty for us to make history and further innovate the music industry and revolutionize the game itself. Its implications for the business will be monumentous for a long time to come. I am incredibly grateful for Chairman Bang’s friendship and his willingness to support the creative journey of an artist.”
The most important facet of the deal is the combining of musical acts such as Bieber, Lovato, Grande, BTS, SEVENTEEN, J Balvin, and Thomas Rhett.
It seems as though big moves are in the works. But what are…