Bloomberg: "HYBE Plans to Raise 500 Billion KRW in North America"

US Bloomberg Report Label Acquisition 'Securing Funds'
Chairman Bang Si-hyuk Has Repeatedly Discussed Acquisition
Full-Scale Move to Expand US Market

Hive is reportedly pursuing a fundraising of approximately 500 billion KRW in North America. On the 1st (local time), Bloomberg reported, "Hive is raising $380 million (about 500 billion KRW) to expand its presence in the North American market." Bloomberg linked the reason for securing funds to Hive's plan to acquire one or two North American Latin labels (record companies). Hive stated, "There is nothing to announce (yet)."

[Image source=Yonhap News]

Bang Si-hyuk, chairman of Hive, has consistently talked about acquiring local labels in the U.S. At the Kwanhoon Forum last March, he said, "We are considering acquiring top-tier labels in the Latin market that share our philosophy and are interested in future innovation," adding, "We are looking at one or two labels that have hot producers in the U.S." He mentioned this again in an April interview with Billboard magazine. Previously, in 2021, Hive acquired U.S.-based Ithaca Holdings, home to Justin Bieber and Ariana Grande, for 1.2 trillion KRW. In February, Hive also acquired U.S. hip-hop label QC Media Holdings. Hive's move to secure 500 billion KRW in 'ammunition' is interpreted as a preparatory step for further major acquisitions.