This is such a unique and fortuitous joining of forces, I really cannot express how excited I am for what the future holds.”īig Hit’s name change to HYBE was to be addressed at a general shareholders meeting on March 30. I feel so fortunate that after three years with this company, we have found a partner across the world who shares those same values. In a statement to Variety, SBP general manager Jen McDaniels added: “After many years working independently, I decided to join the SB projects family, not only because of my long standing relationships with Scooter and Allison or their success but for the commitment and dedication they’ve shown to their artists. Thank you to Scooter, Chairman Bang and everyone involved - we are beyond grateful for the opportunity.” We are ecstatic to have this new opportunity to partner with Chairman Bang and Big Hit to further the global reach of both companies and the artists with whom we have the privilege of working as we continue to grow our company and their careers across entertainment, technology, commerce and content. “We have launched amazing careers and brands and released incredible content into the world. “For 15 years, I have worked alongside Scooter helping him build a best-in-class entertainment company and phenomenal team of which we are both immensely proud,” said Allison Kaye, partner at Ithaca Holdings and president of SB Projects. It had initially invested in the company in 2017 via its Carlyle Partners VI fund.ĭavid Hernand and Iksoo Kim of Paul Hastings LLP advised HYBE on the transaction. (In November 2020, Braun sold the master rights to Taylor Swift’s first six albums, released by Big Machine, for a deal believed to be worth north of $300 million.)Īs part of the HYBE transaction, the Carlyle Group will sell off its minority stake in Ithaca Holdings. The deal encompasses a range of services including management, label services and publishing for a combined roster that includes BTS, TXT, SEVENTEEN, among other HYBE acts, with Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, Thomas Rhett, Florida Georgia Line, Lady A and more artists on the SB Projects and Big Machine rosters.
I am incredibly grateful for Chairman Bang’s friendship and his willingness to support the creative journey of an artist.” Its implications for the business will be monumental for a long time to come.
This is an opportunity for us to make history and further innovate the music industry and revolutionize the game itself. Global opportunities for artists become exponential with this partnership. Plus, it will help us to continue to further the careers of the artists we already work with. market at the onset of an artist’s career. Please look forward to the endless possibilities of HYBE and Ithaca Holdings, and the new paradigm the partnership will establish in the music industry.”Īdded Braun: “This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. 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. Said HYBE chairman and CEO Bang Si-Hyuk: “The inevitable joining of HYBE and Ithaca Holdings marks the start of a new adventure no one could have possibly imagined. BTS and Bieber alone bring dedicated fanbases numbering in the hundreds of millions, while Ariana Grande recently surpassed 90 billion streams consumed worldwide, the most ever by a female artist - these accolades in addition to recent Grammy wins for Dan + Shay and Bieber for the song “10,000 Hours.” In what has been an especially busy month for SBP, today (April 2) also marks the release of Demi Lovato’s latest album, “Dancing With the Devil: The Art of Starting Over.” It arrives on the heels of a YouTube Originals docu-series. In aligning the two entities, the newly combined HYBE is poised to be among the biggest entertainment companies with a music focus operating on a global scale.
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