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Justin Bieber’s Agency Acquired by BTS’ Agency

Credit: Unsplash

Korean media group HYBE, previously known as Big Hit Entertainment, is the creative force behind BTS, the immensely popular K-pop boy band. Despite BTS’ global success, HYBE primarily focused on operations in South Korea until now.

Recently, a regulatory filing from Seoul announced that HYBE is acquiring a majority stake in the western media company Ithaca Holdings LLC., led by Scooter Braun, representing artists like Justin Bieber and Arianna Grande. HYBE is investing approximately $950 million in this deal to take over Ithaca Holdings and its talents. Scooter Braun will join HYBE’s board of directors during the transition, while Carlyle Group, a major minority stakeholder, will divest its shares.

Scooter Braun expressed admiration for HYBE’s management of BTS and anticipated significant growth opportunities for all artists under Ithaca Holdings, both current and future. HYBE’s Chairman and CEO, Bang Si-Hyuk, enthusiastically welcomed the merger with Ithaca, referring to it as an “inevitable joining.”

Considering HYBE’s successful track record with BTS, this move could prove to be highly lucrative for Ithaca’s talent. HYBE’s management propelled BTS to the top of the Billboard Hot 100 last year, making them the first Asian group to achieve this feat since 1963.

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