Money Moves
The South Korean music company has acquired the hip-hop label home to Migos, Lil Baby, City Girls and Lil Yachty
South Korean music company Hybe acquired hip-hop label Quality Control (QC Media Holdings) in a reported deal worth approximately $300 million in cash and stock, according to the Hollywood Reporter.
Hybe America is led by executive and talent manager Scooter Braun, and according to a filing with Korean regulators, the company is paying a $250 million purchase price for QC, and issuing $50 million in new stock to QC’s founders Kevin “Coach K” Lee and Pierre “P” Thomas. The Atlanta-based label’s roster includes Migos, Lil Baby, City Girls and Lil Yachty, and covers sports, film, and television.
The deal also marks Braun’s first major move since taking on the position of Hybe CEO earlier this year. Hybe is home to K-pop stars BTS, Tomorrow X Together, and Lee Hyun, and was established in 2005, operating under the name Big Hit Entertainment until 2021. The entertainment powerhouse’s U.S. portfolio also includes Big Machine Label Group (clients include country stars Tim McGraw, Thomas Rhett, and Rascal Flatts), and SB Projects (home to Justin Bieber, Ariana Grande, and the Kid Laroi).
“P and I are ecstatic about this partnership with Scooter and HYBE and are confident they can get us to our global ambitions we’ve had in our scope since the beginning of the company as nothing means more than our artists impacting worldwide,” Lee said in a statement, per THR. “Over many years, Scooter and I have cultivated real trust and a common way of looking at the world and culture.”