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According to the latest report by Music Business Worldwide, HYBE Corporation, founded by Bang Si-hyuk, reportedly paid $25 million to purchase a 51% share in a mysterious company. The acquisition took place on August 1, 2024.
As per Music Business Worldwide's report, the filing stated that on August 1, 2024, the corporation agreed to purchase shares of an unknown firm for $25 million. This information was included in the part devoted to events that occurred after the date of writing. Bang Si-hyuk's company's ownership of 51% is expected to turn the unknown company/firm into a subsidiary in the third quarter of 2024.
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HYBE's latest acquisition of an unknown company might have set HYBE 2.0. reorganization structure in motion
On August 1, 2024, Bang Si-hyuk's company disclosed that it had been exploring new business opportunities when it launched its HYBE 2.0 reorganization plan. The plan aims to sharpen emphasis on the fundamentals of music, achieve momentum for development in the middle term, and make structural adjustments.
As such, Bang Si-hyuk's company's three main business divisions—formerly known as Label, Solution, and Platform—will now be renamed Music, Platform, and tech-driven goals for future growth.
Gaming, audio/voice technologies, generative AI, Original Story Business (OSB), and integrated online and offline experiences were among the other areas in which it stated that it intended to make discreet investments. The business has already made investments in these areas during the previous few years, as confirmed by Bang Si-hyuk's company.
In 2021, spearheaded by the former CEO, Park Ji-won, the K-pop company opened its doors for IPO and acquired Scooter Braun's Ithaca Holdings for $1 billion.
For instance, Netmarble Corporation was founded in 2000 by Bang Jun-hyuk, a relative of Bang Si-hyuk. Netmarble Corporation is the second-largest stakeholder in the K-pop company.
Additionally, the company's video game division, HYBE Interactive Media, also received $80 million to increase its development and publishing efforts in the games industry. In 2022, the K-pop behemoth purchased a portion of Flint, the company of the well-known Dragon Blaze video game.
The company's U.S. subsidiaries such as HYBE America Inc., QC Music, and BMLG, are also some of the several firms that the K-pop behemoth acquired over the years. Top musicians like Lil Baby and Lil Yachty signed to the hip-hop company QC Music, while Dolly Parton and Thomas Rhett signed with the music label BMLG.
In the reorganization plan, the corporation also declared its intention to build on its years of experience in the U.S. market and promote market innovation in the country. Their goal is to provide a complete service that helps established U.S. musicians learn about K-pop by regularly introducing new artists through the K-pop system.
In other news, HYBE's public feud with Min Hee-jin took a new turn as the latter filed an injunction on September 13, 2024, to be re-appointed as ADOR's CEO. Min Hee-jin was the CEO of ADOR (a subsidiary label of the corporation). She was replaced by Kim Joo-young on August 28, 2024, as per the decision of ADOR's independent board of directors.
