K-pop agency buys Bieber manager’s firm for $1 billion

The Korean company that launched K-pop sensation BTS is buying for $1.05 billion a star-studded U.S. media group behind the careers of global stars Justin Bieber and Ariana Grande.

Big Hit Entertainment, which is changing its name to HYBE, is investing 1.07 trillion won ($950 million) into its U.S. unit to acquire Ithaca Holdings LLC, parent company of Atlas Music Publishing. Atlas also owns the rights to music by Brandi Carlile, Andrea Bocelli and the back catalog of rock group Van Halen. Big Hit will pay a total of $1.05 billion to shareholders and bondholders to purchase Ithaca, according to a regulatory filing in Seoul.