According to international media reported today, HYBE Labels (Big Hit Labels) marks a new step when it officially merges with Ithaca Holdings – the owner of the company that manages world-famous stars like Ariana Grande, David Guetta, Demi Lovato, Justin Bieber, Black Eyed Peas, J Balvin, …
Accordingly, through HYBE America, HYBE Labels will buy back all shares and assets of Ithaca Holdings. It is known that this is a media and entertainment investment company founded by Scooter Braun. This big man is also the owner of Big Machine Label Group and SB Projects – the common home of a series of cult singers in the world music industry. Through this decision, Scooter Braun will join the board of HYBE Labels. Meanwhile, Scott Borchetta remains the CEO of Big Machine Label Group.
Besides the growth target, Chairman and CEO Bang Si Hyuk affirmed that the merger between HYBE Labels and Ithaca Holdings would “mark the beginning of a new adventure for both companies”. Based on the foundations and successes achieved over the past several years, the two sides will travel together, cooperate in developing and removing all cultural barriers.
In her statement, Scooter Braun mentioned Bang Si Hyuk as a friend and a person who always supports the artists’ creative journey. He declared that this handshake would open the door of global development for the careers of BTS, SEVENTEEN, TXT, GFRIEND, … or Ariana Grande, Demi Lovato, Justin Bieber, … “This is an opportunity let us make history, change the music industry and revolutionize the race itself.” said Scooter Braun.
Allison Kaye, a representative of Ithaca Holdings, said: “We are delighted to have the opportunity to go global with the two companies and the artists we have been working with. Through continuing to further develop their careers in the fields of entertainment, technology, commerce as well as the content.“ Meanwhile, SB Projects’ general manager Jen McDaniels described the deal as “an unexpected and unique collaboration”.
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