HYBE becomes global with Ithaca pop stars and BTS under its arm
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
The Korean entertainment firm on Friday announced its fully-owned U.S. subsidiary Big Hit America Inc. will take over a 100 percent stake in Ithaca Holdings for $950 million. The Korean parent will fuel 1.07 trillion won into the American unit for the buyout. The deal includes Carlyle Group’s minority stake.
Shares of HYBE, still trading as Big Hit Entertainment, closed Monday 2.06 percent higher at 248,000 won ($219.92) after hitting 260,000 won upon target price upgrades by brokerage houses.
Hana Financial Investment adjusted its target to 360,000 won from 320,000 won, and Yuanta Securities Korea to 350,000 won from 260,000 won. eBest Investment & Securities saw the stock going as high as 502,000 won..
HYBE shares that joined the Kospi with IPO price of 135,000 won in October last year had soared to 350,000 won but have been boxed around 250,000 won over the last six months.
HYBE will be commanding full ownership in Ithaca Holdings and its properties such as SB Projects and Big Machine Label Group. Ithaca Holdings CEO Scott "Scooter" Braun will join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group.
Ithaca Holdings is an American media company with businesses ranging from music, film to television. It is led by SB Projects' founder Scooter Braun, who manages global pop superstars including Justin Bieber, Ariana Grande and Demi Lovato.
HYBE has been bold in bulking up since its IPO in October. Recently, it had its subsidiary beNX take over V Live video streaming business from local internet giant Naver Corp. and invested 70 billion won in YG Plus, the investment arm of another major Korean label YG Entertainment.
The entertainment firm changed its name from Big Hit Entertainment to HYBE and decided to spin off its own music label business to set it up as an independent entity, tentatively named as Big Hit Music.
Other than BTS manager Big Hit Entertainment, the company also has Seventeen manager Pledis Entertainment, and GFriend manager Source Music under its wing.
HYBE will be able to run different labels independently in Korea and U.S that would allow each label to facilitate management service tailored to individual artist, said Lee Sun-wha, analyst at KB Securities.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
Copyright © 매일경제 & mk.co.kr. 무단 전재, 재배포 및 AI학습 이용 금지
- Eight out of 10 Korean Inc likely have ended Q1 better than a year ago - Pulse by Maeil Business News Korea
- Sinopec-SK Wuhan Petrochemical to full operate expanded polyethylene plant in China H2 - Pulse by Maeil Business News Korea
- Webtoon use may become exclusive for Naver as it files for trademark right - Pulse by Maeil Business News Korea
- S. Korea sweeps 52% of vessel order book in Q1 - Pulse by Maeil Business News Korea
- Seoul to overhaul vehicle classification system, EVs likely face spike in taxes - Pulse by Maeil Business News Korea
- 강경준, 상간남 피소…사랑꾼 이미지 타격 [MK픽] - 스타투데이
- 위기인가 성장통인가…혼란 빠진 LCC 강자
- 허웅, 승리 전 여친 유혜원과 열애설...소속사는 ‘묵묵부답’ [MK★이슈] - MK스포츠
- 이찬원, 이태원 참사에 "노래 못해요" 했다가 봉변 당했다 - 스타투데이
- 양희은·양희경 자매, 오늘(4일) 모친상 - 스타투데이