SEOUL, South Korea, April 2, 2021 /PRNewswire/ -- HYBE (formerly Big Hit Entertainment), a South Korean entertainment lifestyle platform company, is joining forces with Ithaca Holdings, a fully integrated media company with interests across music, tech, film, television, brands and culture led by SB Projects' founder Scooter Braun. As part of this historic international deal, HYBE will acquire through its wholly owned subsidiary HYBE America, a 100% stake in Ithaca Holdings and its properties such as SB Projects and Big Machine Label Group. Ithaca Holdings CEO Scott "Scooter" Braun will join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group. Artists of both companies will participate in the capital increase of HYBE, to further strengthen the ties between the two companies.
Regarding the newly integrated partnership, HYBE Chairman & CEO Bang Si-Hyuk commented, "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 has exhibited an interest in Ithaca Holdings from the beginning as a pioneering music industry innovator with an emphasis on artist branding. As Ithaca Holdings reciprocated interest, the deal rapidly came to fruition. Ultimately, the partnership unites two of the industry's top innovative companies around a common goal.
Braun added, "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 opportunity 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."
Allison Kaye, Partner Ithaca Holdings said, "For 15 years, I have worked alongside Scooter helping him build a best-in-class entertainment company and phenomenal team of which we are both immensely proud. We have launched amazing careers and brands and released incredible content into the world. We are ecstatic to partner with Chairman Bang and HYBE to further the global reach of both companies and the artists as we continue to grow our company and their careers across entertainment, technology, commerce and content."
The deal brings together a range of services including management, label services and publishing for global artists BTS, TXT, SEVENTEEN, NU'EST, GFRIEND, ENHYPEN, ZICO, Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, Lady A and more. With Ithaca Holdings, HYBE sets an important stepping-stone in expanding into the global market and establishes a global top-tier multi-label structure. Ithaca Holdings' market and industry expertise will expedite HYBE artists' entry in the U.S. market and beyond and solidify HYBE's competitiveness in the global market.
As part of the transaction, The Carlyle Group will sell its significant minority stake in Ithaca Holdings, after initially investing in the company in 2017 by way of its Carlyle Partners VI fund.
HYBE, formerly known as Big Hit Entertainment, is an entertainment lifestyle platform company that innovates the music industry under the mission "We believe in music". The company was listed on the KOSPI Market of Korea Exchange (KRX) in October 2020. HYBE has established its business ventures in entertainment lifestyle upon three pillars. The label division brings creatives centered around music and artists such as BTS, TOMORROW X TOGETHER, SEVENTEEN, GFRIEND, ENHYPEN and ZICO. Solution operates specialized business units for video content, IP, learning and games. The platform division connects and expands all of HYBE's contents and services. Based on organic operations and synergies created in each field, HYBE aims to create top-notch content, expand fan experience, and make a difference for anyone who enjoys music-based entertainment lifestyle.
About Ithaca Holdings
Ithaca Holdings LLC. is a fully integrated holding company with interests across music, tech, film, television, brands and culture. Led by SB Projects Founder Scooter Braun, who manages some of the biggest names in pop-culture including Justin Bieber, Ariana Grande, Demi Lovato, Tori Kelly, and J Balvin among others, Ithaca has built an elite portfolio of acquisitions and partnerships resulting in one of the most powerful and diverse holding groups in entertainment and media. Ithaca has interests in a number of companies including Scott Borchetta's Big Machine Label Group, Mythos Studios co-founded by Marvel Studios Founding Chairman David Maisel as well as Big Machine Publishing and 100 Thieves Gaming.
The Carlyle Group
Brittany Berliner [email protected]
Irene Choi [email protected]
SOURCE Ithaca Holdings LLC.