HYBE buys QC Media, hip-hop label and management company

Industry

Published: 09 Feb. 2023, 14:51 Updated: 09 Feb. 2023, 16:08

HYBE buys QC Media, hip-hop label and management company

Executives from HYBE, HYBE America and QC Media Holdings, from left: Bang Si-hyuk, founder and chairman of HYBE; founders of QC Pierre "P" Thomas and Kevin "Coach K" Lee; and Scooter Braun, CEO of HYBE America. [HYBE]

HYBE America is buying QC Media Holdings, an Atlanta-based hip-hop label and management agency, for 314 billion won ($249 million).

The acquisition target was established in 2013 by Pierre "P" Thomas and Kevin "Coach K" Lee. As a label, it supported the work of Lil Baby, Lil Yachty, Migo and City Girls.

This merger is the first major deal orchestrated by Scooter Braun as CEO of HYBE America after co-CEO Lenzo Yoon, or Yoon Suk-joon, stepped down.

"QC is one of the most significant independent labels in the world, working with incredible artists who are, and remain to be, the voices of culture," Braun said in a press release.

"I'll never forget riding around Atlanta over 20 years ago with Coach discussing our dreams and ambitions and how we said 'If they let us in the game, we are never going to give it back.' Now, all these years later, we are joining forces to make these dreams a reality."

QC will be guaranteed its musical freedom to the maximum level, according to Braun.

"This partnership is a vital part of our growth plan to innovate the entertainment industry through a diversified portfolio and advanced technology," said Bang Si-hyuk, founder and chairman of HYBE. "We will work together to continue adding depth of hip-hop to the global music industry."

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]