This may just be the musical equivalent of LeBron James, Michael Jordan, and Kobe Bryant coming together to play on the same team.
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Variety dropped a major report that HYBE (formerly Big Hit Entertainment) has merged with Ithaca Holdings, the company led by SB Projects (SBP). In the deal, HYBE will acquire a 100% stake in Ithaca Holdings through its wholly owned subsidiary HYBE America.
Once you dig in to the details of the transaction, you’ll find an impressive list of musicians that will now be on the same team.
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With HYBE’s acquisition of Ithaca Holdings, that means artists such as BTS, Justin Bieber, Ariana Grande, and Demi Lovato are all now under the same management umbrella. Additionally, famed record label Big Machine Label Group will now become a part of HYBE. Yeah, that’s a pretty stacked lineup.
Scooter Braun, the founder of SB Projects, will join HYBE’s board while Scott Borchetta will remain as CEO of Big Machine Label Group.
“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. Plus, it will help us to continue to further the careers of the artists we already work with,” Scooter Braun said in a statement to Variety. “This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself.”
HYBE chairman and CEO Bang Si-Hyuk said, “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.”
WATCH MORE: 5 of Our Favorite BTS Collaborations
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