HYBE AMERICA has announced that Scott Borchetta is departing the company.
Borchetta has served as the CEO of Big Machine Label Group since HYBE’s purchase of Scooter Braun’s Ithaca Holdings in 2021.
BMLG was acquired by Scooter Braun’s Ithaca Holdings in 2019. The entirety of Ithaca, including BMLG and Braun’s SB Projects, was then acquired by South Korea’s HYBE in a $1.05 billion deal in 2021.
Scooter Braun exited his role as CEO of HYBE AMERICA in July last year.
Borchetta founded Big Machine Records in 2005. The press release noted on Thursday (February 12) that under his leadership, the company has developed and supported “some of the music industry’s most successful artists of the past two decades”.
Borchetta will continue to use the Big Machine Records brand for his future ventures.
HYBE AMERICA says it will retain assets, the distribution deal, the publishing company Big Machine Music, and a number of artists currently on the label’s roster, including Thomas Rhett, Brett Young, Midland, Justin Moore, Carly Pearce, Preston Cooper, Jackson Dean, and Mae Estes.
The HYBE-run company will operate under a new label name, and an announcement on the label’s new leadership will be made in the upcoming days.
“Scott has made a lasting mark on the music industry with his sharp eye for talent and his unique vision,” said Isaac Lee, Chairman and CEO of HYBE AMERICA.
“Scott has made a lasting mark on the music industry with his sharp eye for talent and his unique vision.”
Isaac Lee, HYBE AMERICA
He added: “He recently approached us to ask for our support as he works to pursue a new, independent and entrepreneurial stage of his career, working to advance the Big Machine brand separately from HYBE. While we are sad to see Scott go, we understand – and want him to pursue his passions, and are grateful for all he did for the company.
“HYBE AMERICA will continue to support our artists’ interests across music, film, television, brands and culture in the US market and beyond,” said Lee.
“We are beyond excited for our future in Nashville and will make further announcements in due course.”
“I am incredibly appreciative of my partnership with HYBE over these last five years.”
Scott Borchetta
Borchetta added: “I am incredibly appreciative of my partnership with HYBE over these last five years.
“Chairman Bang often talks of his fondness for entrepreneurs and he, Isaac, and the HYBE leadership team have extended that belief with this incredible showing of support by allowing me to continue to build upon my vision of the Big Machine Records brand. For that, I am forever grateful and wish them nothing but continued and incredible global success.”
Music Business Worldwide