Scooter Braun has become the sole CEO of HYBE America, Variety confirmed.
He previously shared the position of co-CEO with Lenzo Yun, a Big Hit veteran who joined the South Korean company in 2010 as head of strategic planning.
HYBE reportedly acquired Ithaca Holdings for 1.7 trillion won (1.2 billion euros) in April 2021, combining some of the biggest names on the pop music scene, such as Bieber, Ariana Grande and Demi Lovato, with the main poster of K-pop BTS, Tomorrow X. Together and not only. Ithaca Holdings is owned by HYBE America, which is owned by HYBE.
As the sole frontman of HYBE America, Brown will lead a new audition for the female group, which will take place in the second half of the year in the United States in conjunction with Geffen Records, a subsidiary of Universal Music Group (UMG).
The women’s group will be formed as part of a rigorous training system that has spawned talented k-pop groups. HYBE has successfully launched new female bands, particularly since last year, and their latest bands The Sserafim and NewJeans topped the charts in Korea and abroad.
HYBE shares rose 2.6% on Thursday morning after the news, trading at 191,300 won as of 11:00 a.m. The company’s stock prices have been steadily rising since they hit a historic low of 109,500 won last October.
As of January, HYBE’s market capitalization was $6.25 billion, although this is less than the peak value of $12.1 billion at the end of 2021.