Foreign media reported that pop star Ariana Grande and others had parted ways with the CEO of Hive America. Hive acquired Ariana Grande’s agency in 2021 and invested 1 trillion won.
Billboard reported on the 21st (local time) that “Ariana Grande has메이저놀이터 parted ways with Scooter Braun.” Ariana Grande has been with Scooter Braun’s company, Ithaca Holdings, with SB Projects since 2013 . Rumors of her breakup with SB Project star Justin Bieber also circulated, but according to Billboard, officials from both parties denied that it was “not true.”
The news of the departure of artists from Ithaca Holdings continues to come. Earlier this year, Idina Menzel left the company, and reports surfaced last month that Demi Lovato was looking for a new company. There is no Hive position on the breach of contract with Ariana Grande. However, on the early morning of the 23rd, Scooter Braun posted a joke with a rebuttal saying, ‘ Breaking news … I ‘m no longer managing myself ‘ on X (old Twitter).
1 trillion won investmentIf Ariana Grande leaves as it is, Hive’s 1 trillion won investment will be colorless. Even when Hive acquired Ithaca Holdings, it was said that it was bought at three times more expensive for accounting purposes. It seems that he will not be able to avoid pointing out that it is an acquisition that does not lead to meaningful collaboration and is not worth the money.
With the synergy effect that can be obtained through the acquisition of Ithaca Holdings, Hive proposes securing a foundation for future growth by securing a global artist lineup, achieving economies of scale by combining Ithaca Holdings and Hive’s artist pool, and expanding business by sharing mutually owned IP . there is a bar However, the expected collaboration with Hive artists has yet to materialize. There was also speculation that they would enter Weverse, Hive’s fan platform, but it did not come true. Only Justin Bieber participated in the 2022 Weverse concert once via video.
Focus only on expanding the appearance?Chairman Bang Shi-hyeok of Hive has revealed that he is seeking various M&A plans to increase the scale, saying, “The first goal is to become a presence that cannot be ignored in the US music market.” In accordance with this policy, Scooter Braun took office as the sole CEO of Hive America in January, and as his first step , he acquired QC Media Holdings, which includes famous hip-hop artists such as Migos and Lil Baby, for 314 billion won.
The size of the company has grown, but it seems that the internal stability has not been taken care of. American media Variety titled “What the hell happened to Scooter Brown’s empire?”, “Scooter Brown has only been indirectly involved in the careers of his artists in recent years. Despite Justin Bieber and Ariana Grande’s relative inactivity in recent years, as CEOs valued at $11 billion , they probably haven’t had time to get involved.”
Scooter Braun also took the unfortunate step of selling a large amount of stock as a registered executive. In May and June, it sold 31,588 shares (267,360 won per share) and 68,500 shares (270,07 won per share after hours), respectively, and realized a profit of about 27 billion won. In the aftermath of this, on June 2, when Scooter Braun sold the stock for after-hours trading, Hive stock fell by up to 5% during the intraday. However, the amount sold was 0.16% of the total stock of Hive, so the impact was not large.