SEOUL —The agency behind K-pop phenomenon BTS announced a $1.05 billion deal Friday to buy the US firm that manages Justin Bieber, Ariana Grande and other major stars.
HYBE, formerly known as Big Hit Entertainment, is investing 1.07 trillion won ($950 million) into its US unit to acquire Ithaca Holdings, headed by American media entrepreneur Scooter Braun.
In a separate regulatory filing in Seoul, the company said its US unit will pay a total of $1.05 billion to bondholders and others for the merger.
The South Korean firm will “acquire through its wholly owned subsidiary HYBE America, a 100 percent stake in Ithaca Holdings,” it said in a statement.
Braun will join the b…
Keep on reading: BTS agency to acquire Scooter Braun’s Ithaca for $1.05B