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The acquisition of Ithaca, headed by US record executive Scooter Braun, would be the first major foray into the US market for Big Hit Entertainment. Mr Braun, currently Ithaca’s chief executive, will join the board of HYBE, and Ithaca artists will participate in the capital increase of HYBE to further strengthen the ties between the two companies.
The company helped popularise K-pop, adding to the rising global visibility of Korean entertainment such as films like “Parasite,” the winner of the Academy Award for best picture in 2020.
BTS’s “Dynamite” topped the Billboard’s Hot 100 in 2020, the first Asian act to be No 1 on the US Music chart since Kyu Sakamoto’s “Sukiyaki” held the No. 1 spot for 3 weeks in 1963.