HYBE’s Ithaca Deal Faces Fresh Allegations

HYBE chairman Bang Si-hyuk is facing mounting criticism over the company’s 2021 acquisition of Ithaca Holdings, the US firm once led by Scooter Braun.

Recent reports have raised serious concerns about how the deal was handled and whether HYBE paid far too much for a weakened company.

Key Assets Sold First: Months before HYBE’s purchase, Ithaca sold Taylor Swift’s master recordings for $300 million. Profits from the sale were reportedly used to pay debts and reward shareholders—including Braun—before HYBE took over. Experts say this left HYBE buying a “shell” company at a premium price.

Unclear Finances: Despite the sale, Ithaca’s equity dropped sharply. HYBE executives gave confusing explanations, with its communications VP even misdescribing master rights as “like a photo book.”

Fast-Tracked Deal: The acquisition was completed in just two months. Two outside directors resigned days before the announcement, raising suspicions they wanted to avoid liability.

Mounting Losses: Since the takeover, Ithaca has posted over ₩400 billion (about $272 million USD) in losses. Yet HYBE continues to list nearly ₩860 billion in “goodwill” value, instead of writing it down as is typical when losses pile up.

Artist Fallout: Braun’s conflicts with stars like Taylor Swift, Ariana Grande, and Justin Bieber damaged relationships. Critics question why HYBE kept him as CEO until 2024, long after those ties had frayed.

Bang Si-hyuk Under Fire: Allegations suggest Bang may have indirectly benefited from the deal. He has refused to answer questions, reportedly deleting inquiries from journalists. HYBE has hinted at possible legal action against those raising concerns.

The controversy boils down to this: HYBE may have paid a huge price for a company that had already sold off its most valuable assets, leaving shareholders like Scooter Braun enriched while HYBE absorbed years of losses.

Exclusive Report Rings The Alarm On HYBE’s Questionable Acquisition Of Scooter Braun’s Ithaca Holdingshttps://t.co/OPbxJukv8V

— Koreaboo (@Koreaboo) December 10, 2025