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The Talent Agency Representing Justin Bieber Acquired by the Agency Representing BTS

Entertainment

The Talent Agency Representing Justin Bieber Acquired by the Agency Representing BTS

Credit: Unsplash

The Korean media conglomerate HYBE, formerly known as Big Hit Entertainment, serves as the guiding force behind BTS, the K-pop sensation that has gained monumental popularity worldwide. While BTS’ influence extends far beyond South Korea, with their music and events consistently making waves on western social media platforms, HYBE has primarily focused its activities within Korea. However, a significant change has now taken place.

As per a recent disclosure from Seoul, HYBE has acquired a majority share in the western media entity Ithaca Holdings LLC., helmed by Scooter Braun and representing renowned western artists such as Justin Bieber and Arianna Grande. HYBE is set to invest 1.07 trillion won (approximately $950 million) for the majority ownership of Ithaca and its roster of talent. Braun will transition to HYBE’s board of directors as part of the deal, while the Carlyle Group, one of the largest minority stakeholders, will completely divest its investment.

Braun has expressed admiration for HYBE’s handling of BTS and their overall operations, stating that the merger with Ithaca will unlock “exponential” opportunities for all existing artists as well as potential new talents. HYBE’s Chairman and CEO, Bang Si-Hyuk, displayed great enthusiasm about the integration, describing the agreement as an “inevitable collaboration.”

If HYBE’s successful management of BTS is any indication, this merger could bring substantial financial gains for Ithaca’s artists. After all, it was under HYBE’s guidance that BTS topped the Billboard Hot 100 last year, marking a historic achievement as the first Asian group to lead the American charts since 1963.

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