HYBE, group BTS’s agency, put the first button to jump beyond Korea to become a global label.
The agency announced a “big plan” to acquire Ithaca Holdings, a subsidiary of the management company “SB Project”, which includes big pop stars, for 1.05 billion dollars (about 1.184 trillion won, 1 billion euros).
The merger and acquisition are attracting attention because there is no precedent for a national entertainment company to have an American media company of this size as a subsidiary.
The “SB project” includes world-class pop stars such as Justin Bieber, Ariana Grande, Jay Balvin, Demi Lovato and Black Eyed Peas.
Although the influence of K-pop has increased recently, it was unimaginable until just a few years ago that a Korean company would acquire an American company with world-class pop stars.
Jung Min Jae, a popular music critic, said: “This is the first time that a Korean company has bought a celebrity management company active in the United States, the birthplace of pop, and penetrates into the very heart of the States. United entertainment market by combining with Ithaca Holdings.“
It’s also worth noting that Braun is one of America’s biggest big names, and he will be joining the HYBE board.
While HYBE and Ithaca Holdings have decided to collaborate on record production and the management of their artists, attention is being paid to whether Braun’s production capacity will be given to HYBE artists.
Braun discovered pop star Justin Bieber and is well known in Korea for helping singers Psy and CL break into the United States.
The merger and acquisition by HYBE is interpreted as a move to expand the activities of artists and related companies into the global market.
The plan is to use the synergy between the artists, assets and capabilities of the two companies to make HYBE a global full content platform company.
According to the 2020 income statement, Ithaca Holdings‘ sales are $ 132 million (about 150 billion won, 112 billion euros), and operating profit is $ 16.15 million (about 18 billion won). , 2 billion won, 13.7 million euros).
In addition to bringing together a range of eminent artists and the craftsmanship of a famous producer named Braun, HYBE goes one step further to take a leap forward into a global label beyond national entertainment companies.
Journaliste : Shawn
Source : HYBE