The influential label developed Migos, Lil Child, Lil Yachty and Metropolis Ladies.
South Korean music big Hybe has acquired Atlanta-based QC Media Holdings, the mother or father firm of influential hip-hop label High quality Management Music, house to Migos, Lil Yachty and Lil Child.
In response to a submitting with Korean regulators, the deal is value roughly $300 million, with Hybe paying a $250 million buy worth 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 generally known as Massive Hit Leisure till 2021, Hybe is a multinational music expertise company, label, promoter, occasion administration and manufacturing firm. The corporate is house to Ok-pop phenomenons BTS, Tomorrow X Collectively and Lee Hyun.
The deal comes as Hybe more and more seems past Ok-pop and the Asian marketplace for progress and is the primary huge acquisition underneath Hybe America CEO Scooter Braun and provides the corporate management over one of many fastest-growing and most culturally related unbiased 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 Initiatives (shoppers embrace Justin Bieber, Ariana Grande, Demi Lovato and Child Laroi) and Massive Machine Label Group (roster contains Tim McGraw, Thomas Rhett and Rascal Flatts).
“Primarily based on hip-hop, QC has been making a robust presence within the American music scene,” Hybe CEO Jiwon Park stated in a press release. “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 international 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 a press release. “Over a few years, Scooter and I've cultivated actual belief and a standard means of wanting on the world and tradition.”