Justin Bieber and Ariana Grande earn ‘about $ 10 million each’ from their manager, Scooter Braun’s latest business move.
Scooter’s company Ithaca Holdings was acquired by HYBE, the agency behind the K-pop phenomenon BTS.
And now $ 50 million of the purchase price has been split among some of Scooter’s longtime employees and customers, according to Variety.
Side by side: Justin Bieber and Ariana Grande each earn almost $ 10 million from their manager Scooter Braun’s latest business move
The clients and employees involved are those who have been involved with Scooter Braun Projects since its launch in 2007.
Scooter, itself, gets 462,380 of the 863,209 new shares issued as part of the deal, each costing $ 186, according to the Korean government dossier quoted by Variety.
Ariana and Justin are reportedly each receiving $ 9,961,602 shares – that is, exactly 53,557 shares.
Other Scooter stocks are also said to be performing well, including Demi Lovato, which “acquired 5,355 shares with a monetary value of $ 996,030”.
New agreement: Scooter (Ithaca Holdings (photo))’s company acquired by HYBE, the agency behind the K-pop phenomenon BTS
J Balvin is reportedly doing significantly better than even Demi got $ 3,984,678 shares – the hard number was 21,423.
Asher Roth and Carly Rae Jepsen are said to receive only 535 shares apiece, but it is still worth $ 99,510.
HYBE on Friday announced their $ 1.05 billion deal to buy Scooter’s firm.
What a few: the clients and employees involved are those who have been involved with Scooter Braun Projects since its launch in 2007; Scooter and Justin are pictured last January
Great: Ariana and Justin each get $ 9,961,602 shares – that is, exactly 53,557 shares; Ariana and Scooter is pictured in early 2019
The Korean company, formerly known as Big Hit Entertainment, is investing 1.07 billion won ($ 950 million) in its US unit to acquire Ithaca Holdings.
In a separate regulatory dossier in Seoul, the company said its US unit would pay a total of $ 1.05 billion to the mortgagees and others for the merger.
The South Korean company will “acquire a 100 percent stake in Ithaca Holdings through its wholly owned subsidiary HYBE America,” reads a statement.
Braun will join the board of HYBE and artists from both entities – including BTS, Bieber and Grande – will participate in the capital increase of the South Korean company, he added.
Demi with scooter: other long-standing scooter goods also perform well, including Demi Lovato who received 5,355 shares with a monetary value of $ 996,030
“This is an opportunity for us to make history and further renew the music industry,” Braun said of the merger.
BTS has risen to worldwide superstars since their debut in 2013, and their single ‘Dynamite’ reached number 1 on the Billboard Hot 100 last year, making them the first South Korean actor to reach the US rankings.
In October, HYBE made a billion-dollar stock market debut.
The merger was to ‘accelerate its entry into the world market’, the company submitted in one of the regulations.
Sensation: HYBE announced their $ 1.05 billion deal to buy Scooter’s firm on Friday; K-pop prodigy BTS representing HYBE is pictured