The ‘Stuck with U’ collaborators are reportedly to receive shares valued at approximately $10 million each after their manager signed a massive deal with Korean entertainment company.
- Apr 4, 2021
AceShowbiz –
Justin Bieber and Ariana Grande are to receive around $10 million (£7.2 million) each as a result of their manager Scooter Braun‘s new deal with HYBE.
It was revealed on Friday (02Apr21) that mogul Braun’s Ithaca Holdings has merged with HYBE – formerly Big Hit Entertainment, meaning that HYBE will acquire a 100 per cent stake in Ithaca Holdings and its properties, including SB Projects and its clients as well as Taylor Swift‘s former record company Big Machine Label Group.
As part of the merger, a total of 863,209 new shares were issued for a total of $160.5 million (£116 million). Each share is $186 (£134), and Bieber and Grande received 53,557 each – totalling $9,961,602 (£7,202,631) each – according to a Korean regulatory filing obtained by Variety.
Braun’s other clients include J Balvin and Demi Lovato, who received 21,423 and 5,355 shares respectively, giving them a payday of $3.9 million (£2.8 million) and $996,030 (£720,169) each. Carly Rae Jepsen and Asther Roth each received 535 shares, while Migos star Quavo and the members of country band Florida Georgia Line were among the other clients to receive smaller cuts of the total.
Braun himself was allocated 462,380 shares (translating to $86 million, £62 million) while Scott Borchetta – the CEO of Big Machine Label Group – received 166,537 ($31 million, £22 million).
As a result of the merger, HYBE will become one of the world’s biggest entertainment companies.
“This will be the first time HYBE’s groundbreaking systems and curation will be integrated in the U.S. market at the onset of an artist’s career,” Braun said in a statement. “Plus, it will help us to continue to further the careers of the artists we already work with.”
“Global opportunities for artists become exponential with this partnership. This is an opportunity for us to make history and further innovate the music industry and revolutionise the game itself. Its implications for the business will be monumental for a long time to come.”
Source: Music - aceshowbiz.com
