BTS might just take over the world after all!
The news has broken that the South Korean media company that manages K-pop group BTS Big Hit Entertainment who are changing their name to HYBE, will pay a total of $1.05 billion to shareholders and bondholders to purchase Ithaca, according to Bloomberg the Seoul found the company filed a regulatory filing in Seoul over the weekend to acquire the American firm behind artists such as Justin Bieber, Ariana Grande, and Demi Lovato.
By uniting South Korea’s HYBE with Ithaca Holdings, the music-management empire led by producer and manager Scooter Braun, many are anticipating the next moves as the two star-making media companies whose success had already crossed international borders join forces. The deal will see HYBE taking full ownership of Ithaca.
Scooter Braun who currently leads Ithaca Holdings has revealed according to Bloomberg that the change would give “exponential” opportunities for new and existing Ithaca artists as well as HYBE Chairman and CEO Bang Si-Hyuk called the deal an “inevitable joining.”
Big Hit helped push K-pop in the American music industry, with BTS’ Dynamite topping the Billboard Hot 100 in 2020. BTS was the first Asian act to be No. 1 on the U.S. music chart since Kyu Sakamoto held the No. 1 spot for three weeks in 1963.
Fans hold on, there might be some exciting news or collabs coming real soon!