HYBE, formerly known as Big Hit Entertainment, is investing
1.07 trillion won ($950 million) into its US unit to acquire Ithaca Holdings,
headed by American media entrepreneur Scooter Braun.
In a separate regulatory filing in Seoul, the company said
its US unit will pay a total of $1.05 billion to bondholders and others for the
merger.
The South Korean firm will “acquire through its wholly owned
subsidiary HYBE America, a 100 percent stake in Ithaca Holdings,” it said in a
statement.
Braun will join the board of HYBE and artists of both
entities — including BTS, Bieber and Grande — will participate in the capital
increase of the South Korean company, it added.
“This is an opportunity for us to make history and further
innovate the music industry,” Braun said of the merger.
BTS have ascended to global superstardom since their debut
in 2013, and their single “Dynamite” entered the Billboard Hot 100 at number
one last year, making them the first South Korean act to top the US chart.
In October, HYBE made a multi-billion-dollar stock market
debut.
The merger was to “accelerate its entrance into the global
market”, the company said in one of the regulatory filings.
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