Hybe Corp., the Korean pop music giant behind BTS, has further expanded the scale of its empire by buying out its partner in Belift Lab, the firm backing another K-pop powerhouse Enhypen.
The company said that it has signed an agreement to acquire CJ ENM’s 51.5% stake in Belift. Deal terms were not disclosed.
Launched in 2018 as a joint venture between Hybe and CJ ENM, Belift Lab was established to manufacture and promote idol groups. It “has exemplified innovation and excellence in the realm of K-pop,” the companies said.
Its standout milestone was the launch in November 2020 of Enhypen. The seven-member boy band emerged from the reality TV show I-Land and has since enjoyed three million-selling albums and its latest album “Dark Blood,” released in June, debuted in fourth place on the Billboard 200.
“Owning a 100% stake in Belift Lab marks a significant step forward in Hybe’s strategic multi-label structure, expanding its content and artist portfolio even further,” Hybe said in a statement.
“Hybe will provide unparalleled support for Belift Lab and its artists. We will continue to pursue a partnership with CJ ENM on further promoting K-culture,” said Park Jiwon, CEO of Hybe.
Hybe launched on the Korean stock market in October 2020 and has since used its corporate muscle to expand and diversify beyond BTS, which at the time of flotation accounted for the majority of its business.
It has bought other labels in Korea and achieved a leap into the international market with the 2022 acquisition of Scooter Braun’s Ithaca Holdings.
Hybe’s different labels now include Bighit Music, Belift Lab, Source Music, Pledis Entertainment, Koz Entertainment, Ador, Hybe Labels Japan and Naeco. Hybe America also manages affiliate labels including Big Machine Label Group.
Earlier this year, Hybe attempted to acquire its biggest rival in the Korean music scene, K-pop pioneer SM Entertainment. It was ultimately thwarted following intervention by tech giant Kakao, which instead became SM’s biggest shareholder, but Hybe likely walked away with a capital gain from the sale of its stake in the company.
Earlier this week, Hybe reported record revenues for the six months to June.
