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HYBE America, the US division of the South Korean entertainment conglomerate that’s home to BTS, has agreed to purchase QC Media Holdings for AED 909.6 million (314 billion Korean won) in March.
Major moves
QC Media is the parent company of Atlanta-based label, Quality Control Music, home to musicians such as Migos, City Girls, and Lil Baby.
HYBE, formerly known as Big Hit Entertainment said in a statement that the acquisition will expand and diversify its entertainment footprint worldwide.
“This partnership is a vital part of our growth plan to innovate the entertainment industry through a diversified portfolio and advanced technology. We will work together to continue adding depth of hip-hop to the global music industry,” HYBE Chairman Bang Si-Hyuk said in a statement.
Braun-led acquisition
This move is the first major step taken by Scooter Braun — who manages pop stars such as Ariana Grande and Justin Bieber — as the sole CEO of HYBE America.
It’s also HYBE’s latest major US deal following its acquisition of Braun’s media holding company Ithaca Holdings for $1.05 billion in April 2021.
HYBE has been focused on building its tech portfolio, including fan-community platform Weverse and artificial intelligence (AI) audio company Supertone.