After Scooter Braun’s recording agency signed a deal with South Korean popstars BTS, the former talent manager and his company’s roster of artists are reportedly benefiting from it! For the unversed, Scooter‘s Ithaca Holdings company just merged with BTS‘ management HYBE and his client list will become shareholders in the company. After the deal, Variety reported that 863,209 new shares in the company were issued and they are valued at USD 186 a share, which gives a total value of USD 160.5 million.
USD 50 million from the purchase price is been divvied up among some of Scooter‘s clients and his longtime employees. They include Justin Bieber, Ariana Grande, J Balvin, Demi Lovato, and more.
A filing related to the deal reads, “Scooter Braun, the largest shareholder of Ithaca Holdings, LLC, and Scott Borchetta, the major shareholder, share 25% of the trading proceeds received, while major artists and executives and employees (39) such as Justin Bieber and Ariana Grande receive their Bonus Shares. We plan to participate in the paid-in capital increase allocated to HYBE for 100% of HYBE’s (one year protection deposit), and we expect that we will be more active as a shareholder in the future.”
If you didn’t know, Scooter previously made headlines after Taylor publicly called his recording agency out for selling her songs without her permission. After acquiring Taylor‘s former record label Big Machine Label Group last year for an estimated USD 300 million, in November 2020, Scooter sold the masters for Taylor‘s first six albums to Shamrock Capital Content Fund and the deal was worth more than USD 300 million. The deal allegedly went through without Taylor’s go-ahead.
