When asked about it, Bang Si Hyuk did not respond.
Koreaboo
1 hour ago
HYBE is facing renewed scrutiny after a viral post on TheQoo revived allegations surrounding its 2021 acquisition of U.S. entertainment company Ithaca Holdings, formerly led by Scooter Braun.
A report by NewTamsa claims the deal effectively used profits generated by BTS to absorb Ithaca’s debt, including loans tied to Braun’s past business dealings.
HYBE finalized the Ithaca acquisition in April 2021, with the deal widely reported at the time to be worth around ₩1 KRW (about $0.00 USD) . However, financial disclosures later showed the total amount invested reached approximately ₩1 KRW (about $0.00 USD) . According to HYBE’s filings, the company not only paid the acquisition price but also covered about ₩120 billion KRW (about $83.0 million USD) in Ithaca-related debt.
HYBE’s Investment Correction Report.
This debt is alleged to include loans Scooter Braun took out when acquiring Taylor Swift’s master recordings. After selling the masters, Braun reportedly retained a significant portion of the proceeds while the remaining debt stayed with Ithaca, debt that HYBE assumed as part of the acquisition.
The controversy has intensified because HYBE funded the deal by using roughly 74% of its available cash reserves at the time and borrowing an additional ₩560 billion. Since BTS was HYBE’s primary revenue driver during that period, critics argue that much of the money fueling the U.S. acquisition was earned through BTS’s activities.
Investigative outlet NewTamsa reported on these claims and even stated it contacted HYBE Chairman Bang Si Hyuk directly. While the message was reportedly read, no response was given.
- “Did they siphon money somewhere else or create slush funds?”
- “I really wonder where the money BTS earned went.”
- “Honestly, Kim Beom Seok from Coupang and Bang Si Hyuk from HYBE both seem like utterly bad criminals. Hope they both go to jail together.”
- “And yet only young girls will get attacked for this lol… and then the company stans will come again.”
- “Spooky…”
- “When is that Bang Si Hyuk bastard going to prison? From what he’s done, deserves death penalty if you look at it.”
Source: NewTamsa and TheQoo