SEOUL (CelebrityAccess) — South Korean agency Hybe is reportedly in talks to raise 500 billion won, ($380 million) in financing to continue their international expansion.
Bloomberg reported that the Korean music agency is in negotiations with investors to secure equity financing with an eye towards acquiring record labels in the U.S., according to sources with knowledge of the talks.
According to Bloomberg, Hybe’s plans were scaled back in scope and the agency originally sought to raise about 1 trillion won, worth roughly $760 million to fuel expansion plans.
The focus on deals in the U.S. comes after Hybe failed to acquire rival K-pop agency SM Entertainment earlier this year.
Following the failed SM Entertainment bid, Hybe founder and Chairman Bang Si-hyuk stated that the agency would seek to acquire at least two prominent labels in the Americas this year.
News of Hybe’s ambitions in the U.S. would build on their existing footprint in North America that includes Scooter Braun’s Ithaca Holdings, which includes a management division with clients such as Demi Lovato and Justin Bieber as well as the record label Big Machine Label Group.
