Billionaire ‘Hitman’ Who Made BTS Huge Goes on a Buying Spree
The agency behind the K-pop sensation is expanding globally, and its latest target is one of the industry’s founding pillars.
A commercial poster showing the members of K-pop group BTS is reflected in a mirror at a duty free shop in Seoul in October 2020.
Photographer: Jung Yeon-je/AFP via Getty Images
Before Bang Si-hyuk became known as the “Hitman,” the K-pop legend's company almost went bankrupt. But then came a breakthrough with a local band in 2009. And later global success, after BTS debuted in 2013.
Now Bang’s Hybe Co. is looking to turn itself into a leader in the global entertainment industry. That’s fueled a buying spree that culminated with the proposed acquisition last week of a 15% stake in rival K-pop agency SM Entertainment Co. from its founder, Lee Soo-man, with an offer to purchase another 25% from investors.