The Korean company that launched K-pop sensation BTS is buying for $1.05 billion a star-studded US media group behind the careers of global stars Justin Bieber and Ariana Grande.
Big Hit Entertainment, which is changing its name to HYBE, is investing 1.07 trillion won ($950 million) into its US unit to acquire Ithaca Holdings, parent company of Atlas Music Publishing. Atlas also owns the rights to music by Brandi Carlile, Andrea Bocelli and the back catalogue of rock group Van Halen. Big Hit will pay a total of $1.05bn to shareholders and bondholders to purchase Ithaca, according to a regulatory filing in Seoul.
The acquisition of Ithaca, headed by US record executive Scooter Braun, would be the first major foray into the US market for Big Hit Entertainment. Mr Braun, currently Ithaca’s chief executive, will join the board of HYBE, and Ithaca artists will participate in the capital increase of HYBE to further strengthen the ties between the two companies.
The company helped popularise K-pop, adding to the rising global visibility of Korean entertainment such as films like “Parasite,” the winner of the Academy Award for best picture in 2020.
BTS’s “Dynamite” topped the Billboard’s Hot 100 in 2020, the first Asian act to be No 1 on the US Music chart since Kyu Sakamoto’s “Sukiyaki” held the No. 1 spot for 3 weeks in 1963.
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
