Major artists such as Demi Lovato and Ariana Grande are reportedly leaving Scooter Braun, the music director for some of pop’s biggest stars.. There are also reports that singer Justin Bieber is leaving Brown, according to the British Daily Mail. facebook news, Although neither side has officially commented. We take a look at the deals of the music manager who has net worth of $500 million.
- Millionaire music executive Scooter Braun has a net worth of $500 million.
- Recently, some reports indicated that major Braun clients such as Demi Lovato, Ariana Grande, and Justin Bieber are leaving the manager.
- Brown sold his company, Ithaca Holdings, to HYBE America for more than $1 billion in 2021 and became CEO of the company in January 2023.
- In 2020, Brown sold the master rights to Taylor Swift’s first six albums to private equity fund Shamrock Capital for about $300 million.
Bieber, who was discovered by Brown and has been his client for 16 years, is said to be working on an album without his manager and has not spoken to him in months. the people mentioned. Singer J Balvin left Brown in May after 18 months as his client.
Some sources said that while the reasons behind the high-profile splits are unknown and are based largely on reports from industry insiders, diverse that the artists will stay with Brown and that the manager has just stepped back to focus on his role as CEO of South Korean entertainment company HYBE America, owner of the hugely popular K-pop group BTS. Brown sold his company, Ithaca Holdings, to HYBE America for more than $1 billion in 2021 and became CEO of the company in January 2023.
Brown is worth $500 million, according to Celebrity net worth, Thanks to a series of lucrative deals and acquisitions, some of them controversial, like when he sold Taylor Swift’s music catalog.
Ithaca Holdings and HYBE America
Braun’s Ithaca Holdings was the parent company of Braun’s management business, SB Projects. Brown sold Ithaca Holdings to South Korean entertainment company HYBE America (formerly Big Hit) for just over $1 billion in 2021. As part of the deal, HYBE America acquired a 100% stake in Ithaca Holdings, including SB Projects and its clients. . Justin Bieber, Demi Lovato, Ariana Grande, and Big Machine Label Group.
After Brown became CEO of HYBE America in 2023, he took over quality control. The Atlanta-based entertainment company runs Migos, Lil Yachty and Lil Baby, in a deal worth $320 million in cash and stock.
Brown received about $86.2 million in stock from the sale of Ithaca Holdings. As shareholders in the company, his clients also included Justin Bieber, Ariana Grande, J Balvin, Demi Lovato and other artists and employees, who received $161 million in shares, according to the company. diverse.
Big machine label group
In 2018, Brown acquired Scott Borchetta’s Big Machine Records for $300 million. The acquisition made Brown the owner of pop star Taylor Swift’s first six albums, prompting a backlash from her fans and Swift herself, who issued a statement on social media expressing her disapproval of Brown owning almost her entire music catalog.
In 2020, Brown sold the master rights to Swift’s first six albums to private equity fund Shamrock Capital for about $300 million. Swift began releasing re-recorded versions of her initial albums under her own ownership.
real estate portfolio
Brown has bought and sold several million real estate properties, mostly in Southern California. In 2021, shortly after closing the deal with Ithaca Holdings and HYBE, Brown purchased a $65 million mansion in the Brentwood area of Los Angeles. In February 2022, Brown sold a waterfront property he owned in Austin, Texas, for $18 million. Later that year, Brown purchased an estate called Villa Tagara in Montecito, California, from talk show host Ellen DeGeneres for $36 million.