Hive announced on the 2nd that it would acquire 100% of’Ithaca Holdings’ shares for $950 million (approximately 1.1 trillion won) through its US subsidiary Big Hit America. Big Hit America decided to make a 100% investment by Hive with a capital increase of KRW 1.728 trillion for this acquisition.
Ithaca Holdings is a comprehensive media holding company that encompasses music-related management, record label, publishing, film, and TV shows, and is led by Scooter Brown. He has been in charge of managing Justin Bieber and Ariana Grande through’SB Project’, a company named after him.
Hive said, “Through a partnership with Ithaca Holdings, we are engaged in album production and management activities of various global artists such as BTS, Tomorrow by Together, Seventeen, NU’EST, GFRIEND, Zico, Nhyphen, Justin Bieber, Ariana Grande, and J. Balbin. I will do it,” he explained.
In addition, major executives and employees of Ithaca Holdings and affiliated artists participate in Hive’s capital increase to strengthen the cooperative relationship between the two companies. Separately, it plans to implement a paid-in capital increase worth a total of 440 billion won.
Hive, which was listed on KOSPI in October last year, has been making aggressive investments one after another after raising large-scale funds. Recently, beNX, a subsidiary of Hive, took over Naver’s VLive business and invested a total of 70 billion won in YG Plus, a YG Entertainment subsidiary, along with BNX.
UPI News / Reporter Lee Hyun Kim [email protected]
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