The media company that manages K-pop’s BTS will pay about $1 billion to acquire the U.S. media group behind artists such as Justin Bieber, Ariana Grande and Demi Lovato.
The acquisition would unite South Korea’s HYBE with Ithaca Holdings, the music-management company led by producer Scooter Braun. The deal will see HYBE taking full ownership of Ithaca, including a significant minority stake that had been controlled by the U.S. private-equity firm Carlyle Group .
Mr. Braun’s role in boosting the career of Mr. Bieber, whom Mr. Braun initially scouted on YouTube, has been one of the producer’s most prominent successes. His company, which manages artists and publishes their music, has also grown to include Big Machine Label Group, a division focused on country music.
Mr. Braun said the deal with HYBE would open more international opportunities for Ithaca’s artists.
HYBE, which was formerly known as Big Hit Entertainment, has built BTS, a group of seven young male singers, into a global fan favorite. In a statement, the company said Ithaca’s emphasis on artist branding made it an appealing acquisition target.
