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| ▲ This combined photo provided by HYBE Corporation shows both the HYBE and Ithaca Holdings executives and major artists delivering their congratulatory messages on the partnership. |
SEOUL, April 6th (Yonhap) -- Pop star Justin Bieber, who joined HYBE Corporation, the company where K-pop boy band BTS is managed in, expressed his excitement saying, "Congratulations Mr. Bang and Scooter on this historic partnership. The prospects of working together with these amazing teams and stepping further into the global music scene is very exciting."
Justin Bieber made the announcement in a congratulatory message video created by HYBE and Ithaca Holdings' executives as well as major artists, which was released on HYBE's official YouTube channel on April 5th.
HYBE stated on April 2nd that they would acquire Ithaca Holdings, a U.S. media company that manages artists such as Justin Bieber, Ariana Grande and J Balvin.
"I'm thrilled at the potential this alliance holds. Kudos to the teams. We're getting support from every angle and there is so much we can do as a team. Let's make history," Justin Bieber said.
BTS also voiced their excitement, saying, "We're so happy to see so many artists that we cherish and love become a part of this family. It makes us think there are no boundaries or limits to the work that we're doing."
"I hope we can grow and share positive influence with all the artists that have become a part of our new family. And most of all, we hope this new adventure will give fans a fresh experience and be a source of new joy," they added.
Both J Balvin and Demi Lovato further celebrated the merge of the two companies, saying, "Graces, this is going to be on another level" and "Congratulations Chairman Bang and Scooter for bringing the Ithaca and HYBE family together worldwide."
Bang Si-hyuk, the Chairman and CEO of HYBE, said, "We're preparing to take another quantum leap with the best partner in the world. One thing that HYBE and Ithaca Holdings have in common is that they began with nothing but a dream and grew into world-leading companies."
"Please look forward to the endless possibilities of HYBE and Ithaca Holdings, and the new paradigm the partnership will establish in the music industry," he added.
Scooter Braun, the U.S. mogul who founded Ithaca Holdings, also mentioned, "Global opportunities for artists become exponential with this partnership. This is an opportunity for both of us to make history and further innovate the music industry and revolutionize the game itself," implying that this partnership will leave a monumental impact for a long time.
Scooter Braun will also be appointed as HYBE's executive director at HYBE's upcoming shareholders meeting on May 14.
Ithaca Holdings has a management company, "SB Projects", country music label "Big Machine Label Group and "Silent Content Ventures", which produces and distributes TV and OTT content.
Once the acquisition process is completed, HYBE's subsidiary company, Big Hit America will have a 100% stake in Ithaca Holdings.
With the acquisition size of $1.05 billion (about 1.186 trillion won), it is the largest M&A for domestic entertainment companies and the first overseas label acquisition case for domestic companies.
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