South Korean group BTS, Ariana Grande and Justin Bieber will now sing under the same flag
Music label HYBE, producer of K-pop kings BTS, has announced the acquisition of Ithaca Holdings, label of Ariana Grande and Justin Bieber.
The South Korean HYBE, record company of k-pop kings, BTS, announced Friday the acquisition for more than one billion dollars of Ithaca Holdings, music label of Ariana Grande, Justin Bieber or Kanye West .
The acquisition, which concerns 100% of the capital of Ithaca Holdings and is carried out via the American subsidiary of HYBE, will be financed by a capital increase of the parent company in which the founder of Ithaca Holdings, Scooter Braun, will participate. and several artists from both agencies, including BTS group Ariana Grande and Justin Bieber himself.
"This acquisition represents an opportunity for all of us to push further innovation in the music industry," Braun said in a statement.
Specializing in K-pop groups, which are above all marketing products developed by record companies, HYBE has seen one of its groups, BTS, created in 2013, reach the top of world music with its title "Dynamite" , ranked number one in the United States in 2020, becoming the first Korean group to achieve this.
In October, HYBE, formerly known as Big Hit Entertainment, entered the Seoul Stock Exchange, seeing its valuation reach 8.5 billion dollars.
The merger with Ithaca Holdings aims to "accelerate its entry into the global market," according to the company's statements to regulators.
