RTTNews | Apr 2, 2021 07:31AM EDT

07:31 Friday, April 2, 2021 (RTTNews.com) - South Korean entertainment lifestyle platform company HYBE, formerly knows as Big Hit Entertainment, said that it agreed to buy a 100% stake in Ithaca Holdings and its properties such as SB Projects and Big Machine Label Group.

Ithaca Holdings CEO Scott Braun will join the board of HYBE and Scott Borchetta will remain CEO of Big Machine Label Group. Artists of both companies will participate in the capital increase of HYBE, to further strengthen the ties between the two companies.

Ithaca Holdings is a fully integrated media company with interests across music, tech, film, television, brands and culture led by SB Projects' founder Scooter Braun.

As part of the deal, the Carlyle Group will sell its significant minority stake in Ithaca Holdings, after initially investing in the company in 2017 by way of its Carlyle Partners VI fund.

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