Scooter Braun is transitioning his position at HYBE, the South Korean leisure big, transferring from CEO of HYBE America to an advisory place that may have him becoming a member of the HYBE Board of Administrators as a director and a senior adviser to chairman and CEO Bang Si-Hyuk. The transfer marks the tip of a five-year run at HYBE, which is dwelling to such Okay-pop acts as BTS and Katseye.
The information was introduced to HYBE staffers on Monday when Braun dialed in from his trip to inform workers that the transfer was “within the works for fairly a while,” in line with a supply who provides that the five-year plan was initiated with the sale of Braun’s Ithaca Holdings to HYBE in 2021. Braun will stay energetic in present HYBE initiatives, just like the just-launched lady group Katseye. Braun intimated that he “isn’t going anyplace” and can “nonetheless assist information” the artists on the HYBE roster. Through the name, Braun shared with the employees that when he set out for a profession in music 25 years in the past, it was after studying his pal David Geffen’s biography The Operator. At this time, as he closes the newest chapter of his profession, he reminded his colleagues of what he’s discovered from Geffen: “Comply with your desires and something can occur.”
Braun constructed his enterprise managing music artists like Justin Bieber, Ariana Grande, J Balvin, Demi Lovato and The Child LAROI underneath the SB Tasks banner. In 2024, he stepped away from the administration enterprise, saying his determination on social media, the place he famous, “I’ve been blessed to have had a ‘Forrest Gump’-like life whereas witnessing and collaborating within the journeys of a number of the most terribly proficient individuals the world has ever seen. I’m consistently pinching myself and asking ‘how did I get right here?’”
The exit from administration coincided with a cut up from Bieber, which turned contemptuous, as THR reported in April, attributable to monetary penalties triggered by the cancellation of Bieber’s Justice tour in 2022. In not fulfilling his contractual obligation to AEG (the tour’s promoter) and finishing the live performance dates, for which he obtained a $40 million advance, Bieber was left owing greater than $20 million to AEG. Then-manager Braun, by his firm, coated what was owed within the type of a mortgage at a extremely favorable (to Bieber) fee. As well as, the 2 had been partnered in plenty of different companies together with a document label and movie initiatives. Braun additionally helped safe a $200 million catalog deal for Bieber’s songwriting pursuits, probably the biggest nest egg in music historical past for an artist underneath 30. (Price noting: Hailey Bieber, who married Justin in 2018, just lately offered her Rhode Magnificence skincare model to e.l.f. Magnificence for $1 billion; Braun was a seed investor.)
THR has discovered {that a} settlement between Braun and Bieber is now accomplished. “Scooter and Justin squashed their points and are in a superb place,” says a supply, who provides that Braun’s final act at HYBE was to shut the ebook on the squabble and “go away the corporate, and Justin, in a superb place.”
Reps for Bieber and Braun declined to touch upon the settlement.
Entering into the CEO place in Braun’s place and main all day-to-day duties is Isaac Lee, who has been chairman of HYBE Latin America since November of 2023. Lee’s new title is chairman and CEO of HYBE Americas. Along with working HYBE’s operations in Mexico, Miami and Medellín, Colombia, Lee will even have oversight of Nashville-based Huge Machine Label Group (BMLG) and High quality Management Media Holdings, headquartered in Atlanta.
Whereas Braun’s subsequent transfer is unclear, HYBE chief Bang Si-Hyuk commented, “Scooter has been a unprecedented associate, a visionary government, and a real catalyst for cultural alternate. His contributions have been important in establishing our formidable presence within the U.S. market. I’m deeply grateful for his management, his astute instincts and his unwavering ardour for artists. We want him immense success in his thrilling subsequent chapter and stay up for persevering with our partnership in executing HYBE’s international imaginative and prescient.”
Braun additionally stays considered one of HYBE’s largest particular person shareholders. In saying his new position, Braun stated: “Being part of HYBE and witnessing its exceptional progress has been probably the most inspiring chapters of my skilled journey. Chairman Bang is a real visionary and a musical genius. What he has constructed with HYBE is unparalleled. I’m extremely pleased with our collective accomplishments and stay up for supporting Chairman Bang and CEO Jason Jaesang Lee of their continued success as I step into what’s subsequent.”