HYBE Corporation has just made another step towards expanding their Mark in the music industry as they just purchased Ithaca holdings to be part of HYBE America.
Formerly known as Big Hit Entertainment, HYBE is home to worldwide top selling artists, BTS. The deal brings together a range of services including management, label services and publishing for a potent roster of artists. The list includes BTS, TXT, SEVENTEEN, NU’EST, GFRIEND, ENHYPEN, ZICO, Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett and Florida Georgia Line to name a few.
HYBE America will be taking full control of Ithaca and its properties which include SB Projects and Big Machine Label Group. The financial terms of the Ithaca/HYBE merger were not disclosed, although Braun is set to join the HYBE board. Scott Borchetta, meanwhile, will remain CEO of Big Machine Label Group.
Bang Si-Hyuk, the CEO of HYBE, stated: “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.”
“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,” Braun added in a statement. “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 [Si-Hyuk’s] friendship and his willingness to support the creative journey of an artist.”
Earlier today HYBE published a video message detailing the new venture with messages from artists in HYBE and Ithaca labels.