South Korean music large Hybe has acquired Atlanta-based QC Media Holdings, the dad or mum firm of influential hip-hop label High quality Management Music, residence to Migos, Lil Yachty and Lil Child.
In keeping with a submitting with Korean regulators, the deal is price roughly $300 million, with Hybe paying a $250 million buy value for QC, and issuing $50 million in new inventory to QC’s founders Kevin “Coach Ok” Lee and Pierre “P” Thomas.
Established in 2005, and often known as Massive Hit Leisure till 2021, Hybe is a multinational music expertise company, label, promoter, occasion administration and manufacturing firm. The corporate is residence to Ok-pop phenomena BTS, Tomorrow X Collectively and Lee Hyun.
The deal comes as Hybe more and more seems to be past Ok-pop and the Asian marketplace for development and is the primary massive acquisition underneath Hybe America CEO Scooter Braun and offers the corporate management over one of many fastest-growing and most culturally related impartial labels within the U.S.
Hybe America will now oversee the High quality Management label, with Thomas and Lee remaining in cost, underneath the path of Braun. Hybe America additionally contains SB Tasks (purchasers embody Justin Bieber, Ariana Grande, Demi Lovato and Child Laroi) and Massive Machine Label Group (roster contains Tim McGraw, Thomas Rhett and Rascal Flatts).
“Based mostly on hip-hop, QC has been making a powerful presence within the American music scene,” Hybe CEO Jiwon Park mentioned in an announcement. “With our shared imaginative and prescient, I’ve excessive hopes in what we are able to function and obtain collectively.”
“P and I are ecstatic about this partnership with Scooter and HYBE and are assured they will get us to our world ambitions we’ve had in our scope for the reason that starting of the corporate as nothing means greater than our artists impacting worldwide,” Lee added in an announcement. “Over a few years, Scooter and I’ve cultivated actual belief and a standard manner of wanting on the world and tradition.”
