Justin Bieber and Ariana Grande are earning ‘about $ 10 million each’ from their manager Scooter Braun’s latest business move.
Scooter company Ithaca Holdings was acquired by HYBE, the agency behind the BTS K-pop phenomenon.
And now $ 50 million from the purchase price has been split between some of Scooter’s employees and longtime customers, according to Variety.
Side by side: Justin Bieber and Ariana Grande are earning nearly $ 10 million each with the latest business move from their manager, Scooter Braun
The customers and employees in question are those who have been involved with the Scooter Braun Projects since its launch in 2007.
Scooter itself is receiving 462,380 of the 863,209 new shares that were launched as part of the deal, each costing $ 186, according to the Korean regulatory document quoted by Variety.
Ariana and Justin are each receiving $ 9,961,602 in shares – that is, precisely 53,557 shares.
Other Scooter groups are also doing well, including Demi Lovato, who ‘won 5,355 shares with a cash value of $ 996,030’.
New deal: Ithaca Holdings Scooter (pictured) was acquired by HYBE, the agency behind the BTS K-pop phenomenon
J Balvin is reportedly doing significantly better than Demi, earning $ 3,984,678 in shares – the difficult figure being 21,423.
Meanwhile, Asher Roth and Carly Rae Jepsen are receiving only 535 shares each, but still amount to $ 99,510.
HYBE announced its $ 1.05 billion deal on Friday to buy the scooter company.
What a pair: the customers and employees in question are those who have been involved with the Scooter Braun Projects since its launch in 2007; Scooter and Justin were photographed last January
Excellent: Ariana and Justin are each receiving $ 9,961,602 in shares – that is, precisely 53,557 shares; Ariana and Scooter are pictured in early 2019
The Korean company, formerly known as Big Hit Entertainment, is investing 1.07 trillion won ($ 950 million) in its unit in the United States to acquire Ithaca Holdings.
In a separate regulatory process in Seoul, the company said its unit in the United States will pay a total of $ 1.05 billion to bondholders and others for the merger.
The South Korean company will “acquire, through its subsidiary HYBE America, a 100 percent stake in Ithaca Holdings,” the company said in a statement.
Braun will serve on the board of HYBE and artists from both entities – including BTS, Bieber and Grande – will participate in the capital increase of the South Korean company, he added.
Demi with Scooter: Other long-standing Scooter groups are also doing well, including Demi Lovato, who received 5,355 shares with a cash value of $ 996,030
“This is an opportunity for us to make history and further innovate the music industry,” said Braun of the merger.
BTS has risen to global stardom since their debut in 2013, and their single “Dynamite” entered the Billboard Hot 100 at number one last year, making them the first South Korean act to reach the top of the US charts.
In October, HYBE made a multi-billion dollar debut in the stock market.
The merger was to ‘accelerate its entry into the global market’, the company said in one of the regulatory documents.
Sensation: HYBE announced its $ 1.05 billion deal on Friday to buy the Scooter company; The K-pop BTS prodigies that HYBE represents are portrayed