SEOUL, South Korea, April 2, 2021 /PRNewswire/ — HYBE (previously Massive Hit Leisure), a South Korean leisure way of life platform firm, is becoming a member of forces with Ithaca Holdings, a completely built-in media firm with pursuits throughout music, tech, movie, tv, manufacturers and tradition led by SB Initiatives‘ founder Scooter Braun. As a part of this historic worldwide deal, HYBE will purchase by means of its wholly owned subsidiary HYBE America, a 100% stake in Ithaca Holdings and its properties resembling SB Initiatives and Massive Machine Label Group. Ithaca Holdings CEO Scott “Scooter” Braun will be a part of the board of HYBE and Scott Borchetta will stay CEO of Massive Machine Label Group. Artists of each corporations will take part within the capital enhance of HYBE, to additional strengthen the ties between the 2 corporations.
Relating to the newly built-in partnership, HYBE Chairman & CEO Bang Si-Hyuk commented, “The inevitable becoming a member of of HYBE and Ithaca Holdings marks the beginning of a brand new journey nobody might have presumably imagined. The 2 corporations will work carefully collectively leveraging our confirmed observe data of success, know-how, and experience to create synergy, transcend borders and break down cultural boundaries. Please stay up for the countless potentialities of HYBE and Ithaca Holdings, and the brand new paradigm the partnership will set up within the music business.”
HYBE has exhibited an curiosity in Ithaca Holdings from the start as a pioneering music business innovator with an emphasis on artist branding. As Ithaca Holdings reciprocated curiosity, the deal quickly got here to fruition. Finally, the partnership unites two of the business’s high modern corporations round a standard objective.
Braun added, “This would be the first time HYBE’s groundbreaking programs and curation shall be built-in within the U.S. market on the onset of an artist’s profession. Plus, it is going to assist us to proceed to additional the careers of the artists we already work with. World alternatives for artists turn out to be exponential with this partnership. This is a chance for us to make historical past and additional innovate the music business and revolutionize the sport itself. Its implications for the enterprise shall be monumentous for a very long time to return. I’m extremely grateful for Chairman Bang’s friendship and his willingness to help the inventive journey of an artist.”
Allison Kaye, Accomplice Ithaca Holdings stated, “For 15 years, I’ve labored alongside Scooter serving to him construct a best-in-class leisure firm and phenomenal crew of which we’re each immensely proud. Now we have launched wonderful careers and types and launched unbelievable content material into the world. We’re ecstatic to associate with Chairman Bang and HYBE to additional the worldwide attain of each corporations and the artists as we proceed to develop our firm and their careers throughout leisure, know-how, commerce and content material.“
The deal brings collectively a variety of companies together with administration, label companies and publishing for international artists BTS, TXT, SEVENTEEN, NU’EST, GFRIEND, ENHYPEN, ZICO, Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, Girl A and extra. With Ithaca Holdings, HYBE units an necessary stepping-stone in increasing into the worldwide market and establishes a worldwide top-tier multi-label construction. Ithaca Holdings‘ market and business experience will expedite HYBE artists’ entry within the U.S. market and past and solidify HYBE‘s competitiveness within the international market.
As a part of the transaction, The Carlyle Group will promote its important minority stake in Ithaca Holdings, after initially investing within the firm in 2017 by means of its Carlyle Companions VI fund.
HYBE, previously often called Massive Hit Leisure, is an leisure way of life platform firm that innovates the music business underneath the mission “We consider in music”. The corporate was listed on the KOSPI Market of Korea Trade (KRX) in October 2020. HYBE has established its enterprise ventures in leisure way of life upon three pillars. The label division brings creatives centered round music and artists resembling BTS, TOMORROW X TOGETHER, SEVENTEEN, GFRIEND, ENHYPEN and ZICO. Resolution operates specialised enterprise items for video content material, IP, studying and video games. The platform division connects and expands all of HYBE’s contents and companies. Primarily based on natural operations and synergies created in every area, HYBE goals to create top-notch content material, develop fan expertise, and make a distinction for anybody who enjoys music-based leisure way of life.
About Ithaca Holdings
Ithaca Holdings LLC. is a completely built-in holding firm with pursuits throughout music, tech, movie, tv, manufacturers and tradition. Led by SB Initiatives Founder Scooter Braun, who manages a number of the largest names in pop-culture together with Justin Bieber, Ariana Grande, Demi Lovato, Tori Kelly, and J Balvin amongst others, Ithaca has constructed an elite portfolio of acquisitions and partnerships leading to one of the vital highly effective and numerous holding teams in leisure and media. Ithaca has pursuits in plenty of corporations together with Scott Borchetta’s Massive Machine Label Group, Mythos Studios co-founded by Marvel Studios Founding Chairman David Maisel in addition to Massive Machine Publishing and 100 Thieves Gaming.
The Carlyle Group
Brittany Berliner [email protected]
Irene Choi [email protected]
SOURCE Ithaca Holdings LLC.