SEOUL, Feb. 9 (Korea Bizwire) — Hybe said Thursday its American unit has agreed to acquire QC Media Holdings, the parent company of an influential U.S.-based hip-hop label, to expand its reach into the global market.
Under the deal, Hybe America will acquire a 100-percent stake in QC Media Holdings at 314 billion won (US$248.8 million) on March 7, the South Korean entertainment company behind K-pop boy group BTS said in a filing with Korean regulators.
The Atlanta-based entertainment company is the parent company of Quality Control Music, home to popular American musicians Lil Baby, Migos and Lil Yachty.
Hybe said the merger acquisition is part of its efforts to expand global business portfolio and further advance its multi-label strategy.
“This partnership is a vital part of our plan to innovate the entertainment industry through a diversified portfolio and innovative technologies,” Bang Si-hyuk, chairman of Hybe, said.
“We will work together to continue adding to the global depth of hip-hop.”
Hybe CEO Park Ji-won added, “Based on hip-hop, QC has been making a strong presence in the American music scene. With our shared vision, I have high hopes in what we can operate and achieve together.”