South Korean Entertainment Industry Officials' Response to HYBE's Acquisition of Ithaca
HYBE Labels, which is currently one of the major companies in the South Korean music industry, is known to have acquired a company from the United States, namely Ithaca Holdings. With this acquisition, HYBE Labels demonstrated their ability to embrace the US entertainment industry.

Through the Korean media Khan News, some officials in the South Korean entertainment industry and the stock market view HYBE's acquisition of Ithaca as an event that has never happened in the Korean entertainment industry before.

In the article entitled 'Stronger HYBE, Stronger BTS', it is written that according to the stock market and officials in the South Korean music industry, South Korea's status in the US mainstream is recognized due to the rapid digitization & achievements of BTS.

“BTS' record is difficult to realize in a music company for the next 20 years, and the HYBE point of view will put a lot of pressure on the next steps,” said one official in the entertainment industry.

Since the acquisition, HYBE's share price has increased by 6.56% and is valued at 247.25 USD and the target price for HYBE's share has been revised up to around 350,000 KRW following the announcement of the acquisition.

With this, BTS is re-evaluated as history makers as they are one of the reasons why the unprecedented event of HYBE's acquisition of Ithaca Holdings in the South Korean entertainment industry has materialized in 2021. (www.onkpop.com)

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