Input 2021.04.02 17:41 | Revision 2021.04.02 18:54
Hive announced on the 2nd that its subsidiary Big Hit America will take over 100% of Ithaca Holdings, which operates in various fields such as music, IT, film, and culture. The total acquisition amount is 1.18 trillion won.
Scooter Brown joins Hive’s board of directors, and Scott Borchetta remains CEO of the Big Machine label group. In addition, major executives and employees of Ithaca Holdings and their artists participate in the capital increase of Hive, strengthening the cooperative relationship between the two companies.
Hive Chairman Bang Si-hyuk said, “This new partnership with Ithaca Holdings is a new challenge that no one has ever imagined. “We hope to see the infinite possibilities of Hive and Ithaca Holdings, which will open up a new paradigm in the music industry in a different dimension than ever before,” he said.
Hive explains that as a pioneer in the music industry with an emphasis on artist branding, he has shown interest in Ithaca Holdings for a long time. Since then, Ithaca Holdings responded, and a consensus for the cooperation between the two companies was rapidly formed, leading to a partnership agreement between the two companies.
Scooter Brown Ithaka Holdings said, “This partnership is the starting point for Hive’s innovative system and curation capabilities to be applied to the beginning of an artist career in the United States.” It will help you get a chance,” he said.
“We will all be recorded as a monumental outcome of innovating the music industry, making history and changing the game of the industry,” he said to Chairman Bang Si-hyuk, saying “I sincerely appreciate the support and full support of artists for their creative activities.” Added.
Allison Kaye, Partner of Ithaca Holdings, said, “For 15 years, we have built the best team with Scooter Brown and helped the company leap to become the best entertainment company in the industry.” “We are pleased to have the opportunity to expand our presence in the global market with this partnership as both the company and the artist are growing.”
In addition, the two companies laid the foundation for targeting the global market by establishing a global top-tier multi-label system. Ithaca Holdings plans to accelerate the advancement of Hive’s domestic artists into the US market and strengthen their competitiveness in the global market based on their expertise in the US market and industry.
Meanwhile, the Carlyle Group, an American private equity fund (PEF), which initially invested in Ithaca Holdings through the Carlyle Partners VI Fund in 2017, plans to sell a significant minority stake in Ithaca Holdings at the same time as the contract.