South Korean label Hybe buys Quality Control for US$300 million
The home of BTS now owns the rights to Migos, Lil Baby & Lil Yachty songs
This is an excellent time to be a seller if you are in the music rights business. Bruce Springsteen just sold his whole catalog to Sony Music Entertainment for US$500 million. Justin Bieber is negotiating to sell his songs for upwards of US$200 million. Even the Michael Jackson trust is looking to sell the Holy Grail, Thriller, as well as a ton of his other work for about a billion US dollars.
In walks the South Korean label Hybe. Home to BTS and some other K-pop bands, Hybe just purchased Quality Control, a music label that has the rights to Migos, Lil Baby, Lil Yachty, and more, for US$250 million in cash and US$50 million in stock totaling US$300 million. The company has recently expanded to have a Hybe American division headed by Scooter Braun, the manager for artists like Bieber, Adrianna Grande, J Balvin, Demi Lovato, and more. With the Quality Control purchase, they are showing they want to have a big presence in the American music scene.
Hybe CEP Jiwon Park said in a statement to the Hollywood Reporter, “Based on Hip Hop, Quality Control has been making a strong presence in the American music scene. With our shared vision, I have high hopes in what we can operate and achieve together.”