A cleaning staff sweeps up after an initial public offering ceremony of K-pop management agency Big Hit Entertainment, who manage K-pop sensation BTS, at the lobby of the Korea Exchange in Seoul on October 15, 2020. (Photo by Jung Yeon-je / AFP) SEOUL — The agency behind K-pop phenomenon BTS announced a $1.05 billion deal Friday to buy the US firm that manages Justin Bieber, Ariana Grande and other major stars. HYBE, formerly known as Big Hit Entertainment, is investing 1.07 trillion won ($950 million) into its US unit to acquire Ithaca Holdings, headed by American media entrepreneur Scooter Braun. In a separate regulatory filing in Seoul, the company said its US unit will pay a total of $1.05 billion to bondholders and others for the merger. The South Korean firm will “acquire through its wholly owned subsidiary HYBE America, a 100 percent stake in Ithaca Holdings,” it said in a statement. Braun will join the board of HYBE and artists of both entities — including BTS, … [Read more...] about BTS agency to acquire Scooter Braun’s Ithaca for $1.05B
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Ningbo to build $3.05b rocket launchpad site
The port city of Ningbo in Zhejiang province is building a 20 billion yuan ($3.05 billion) rocket launch site to meet surging demand for putting satellites into orbit and further develop the industrial cluster of the commercial aerospace sector, according to the local authorities. Highlighted in the recently revealed draft for mega projects in Zhejiang during the 14th Five-Year Plan period (2021-25), the launch center will come up in Xiangshan county of the coastal city and will be able to put 100 satellites in orbit every year upon completion. The Xiangshan center, located 30 degrees north of the equator, is suitable for launching satellites, thanks to its convenient transportation and an advantageous environment. It is scheduled to be spread over 67 square kilometers, including a 35-sq-km launch site and a 32-sqkm space industrial base. The launch site will consist of a commercial space launch site, assembly and test center, docking center, command and control center, while the … [Read more...] about Ningbo to build $3.05b rocket launchpad site