If any BTS fans have ever wished for a collaboration with the likes of Justin Bieber or Ariana Grande, the tides might be turning in their favor. Scooter Braun's Ithaca Holdings, which manages the music of these well known artists has merged with South Korea's HYBE, which used to be Big Hit Entertainment - BTS's label.
Braun - who also recently acquired Scott Borchetta's Big Machine Label Group, home to country recording artists, Brett Young, as well as Taylor Swift's early masters - signed the deal Friday.
In the merger, it states that Borchetta will remain the CEO for Big Machine. The Carlyle Group, which was backing Braun's company, will exit the business relationship, and Braun will join the board of HYBE. The $1B deal gives HYBE a 100% stake, and virtually dissolves Ithaca Holdings.
Fans don't need to worry; that doesn't mean that Justin Bieber, Ariana Grande, Demi Lavato, or J. Balvin are going to be labelless. Their music careers are secure - in fact, both Bieber and Grande stand to make a mint from the merger, according to Variety. With the shares of HYBE increasing in number and ticking at $186 per share, the artists under the Ithaca Holdings label should come out millions of dollars richer.
Both Grande and Bieber received more than 53 thousand shares, more than $10 million worth, in the deal. Balvin reportedly got more than 21 thousand shares, while Lovato was give fifty-three hundred. Smaller share amounts were given to other artists, producers and musicians on the Ithaca Holdings payroll as well.
This is possibly the biggest merger in music history, especially with Bieber, Grande, and BTS leading the way; shareholders will likely see even more good things to come from the main events as these arrangements are squared away.
