On April 2, Hybe, formerly Big Hit Entertainment, announced that it would be merging with Scooter Braun’s Ithaca Holdings for a reported US$1 billion. Hybe, best known as the home of BTS, acquired a 100 per cent stake in the American company and its properties, which includes entertainment and media firm SB Projects and clients including Justin Bieber and Ariana Grande.
As of April 13 – six months since Big Hit went public in October 2020 – Hybe houses multiple music, entertainment and technology companies, with a multitude of artists and subsidiaries under its auspices, plus deals with numerous other major companies and brands, including K-pop company YG Entertainment, home to Blackpink.
According to reports, RBW’s CEO Kim Jin-woo emphasised how the two companies joining together can result in them leading “K-content” cultural growth across the world, while emphasising the intent for further international expansion.