Ithaca Holdings LLC is a general media holding company with SB Projects (talent management), BMLG (record label), Silent Content Ventures (TV and OTT production and distribution) and Drew House (clothing/beauty brand with partnerships with artists) as major subsidiaries.
On April 2, 2021, Ithaca Holdings LLC executed a merger agreement with Big Hit America Inc., a wholly owned U.S. subsidiary of Big Hit Entertainment. The merger is valued to be at USD 1.05 billion, by BH Odyssey Merger Sub LLC, a U.S. special purpose company established by Big Hit America Inc. as a wholly owned subsidiary entering into a reverse merger with Ithaca Holdings LLC (the surviving entity), into a wholly owned subsidiary of Big Hit America Inc. Big Hit America Inc. paid a sum of USD 937 million in return for the merger to its existing shareholders of Ithaca Holdings LLC and repaid its existing borrowings in the amount of USD 113 million.
Meanwhile, existing shareholders, Scott Bruner and Scott Borchetta, acquired 630,000 (around KRW 132 billion in acquisition price) newly issued shares of Big Hit Entertainment through a third-party allotment in June 2021.
Lee & Ko is credited with providing prompt and sound advice on behalf of Ithaca Holdings LLC, individual major shareholder (Scott Bruner and Scott Borchetta), various musicians and other notable artists (Justine Bieber, etc.) to ensure a successful completion of the transaction.