BTS’ K-Pop agency buys Justin Bieber manager’s firm for $1 billion

The Korean firm that launched Ok-Pop sensation BTS is paying $1.05 billion (Dh3.86 billion) for a star-studded US media group behind the careers of worldwide stars Justin Bieber and Ariana Grande.

Large Hit Leisure, which is altering its identify to HYBE, is investing 1.07 trillion received ($950 million) into its US unit to accumulate Ithaca Holdings LLC, led by music impresario Scooter Braun. Large Hit can pay a complete of $1.05 billion to shareholders and bondholders to buy Ithaca, based on a regulatory submitting in Seoul Friday.

The acquisition of Ithaca could be the primary main foray into the US marketplace for Large Hit Leisure. Braun, at the moment Ithaca’s chief govt officer, will be part of the board of HYBE, the businesses stated in a press release. As a part of the transaction, Carlyle Group will promote its vital minority stake in Ithaca, which it has held since 2017.

Braun hailed HYBE’s methods and stated the tie-up would create “exponential” alternatives for brand spanking new and current Ithaca artists. HYBE Chairman and CEO Bang Si-Hyuk referred to as the deal an “inevitable joining.”

Large Hit helped popularise Ok-Pop, with BTS’s “Dynamite” topping the Billboard Scorching 100 in 2020. BTS was the primary Asian act to be No 1 on the US music chart since Kyu Sakamoto held the No 1 spot for 3 weeks in 1963.