The BTS company HYBE, formerly known as Big Hit Entertainment, is making massive money moves. The company has merged with Ithaca Holdings, led by Scooter Braun‘s SB Projects, for a deal valued at more than $1 billion, Variety reported Friday (April 2).
HYBE will acquire a 100% stake in Ithaca Holdings and its properties, including SB Projects and clients Justin Bieber, Ariana Grande and Demi Lovato, as well as Big Machine Label Group. Scooter will join the board of HYBE. Scott Borchetta will remain CEO of Big Machine Label Group.
Artists belonging to both companies will participate in the capital increase of HYBE, according to a press release. HYBE is now set to be one of the biggest entertainment companies with a music focus in the world.
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