Scooter Braun Steps Away From CEO Role at HYBE
The news was announced to HYBE staffers on Monday when Braun dialed in from his vacation to notify employees that the move was 'in the works for quite some time,' according to a source who adds that the five-year plan was initiated with the sale of Braun's Ithaca Holdings to HYBE in 2021. Braun will remain active in current HYBE projects, like the just-launched girl group Katseye. Braun intimated that he 'isn't going anywhere' and will 'still help guide' the artists on the HYBE roster. During the call, Braun shared with the staff that when he set out for a career in music 25 years ago, it was after reading his friend David Geffen's biography The Operator. Today, as he closes the latest chapter of his career, he reminded his colleagues of what he's learned from Geffen: 'Follow your dreams and anything can happen.'
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Braun built his business managing music artists like Justin Bieber, Ariana Grande, J Balvin, Demi Lovato and The Kid LAROI under the SB Projects banner. In 2024, he stepped away from the management business, announcing his decision on social media, where he noted, 'I have been blessed to have had a 'Forrest Gump'-like life while witnessing and taking part in the journeys of some of the most extraordinarily talented people the world has ever seen. I'm constantly pinching myself and asking 'how did I get here?''
The exit from management coincided with a split from Bieber, which turned contemptuous, as THR reported in April, due to financial consequences triggered by the cancellation of Bieber's Justice tour in 2022. In not fulfilling his contractual obligation to AEG (the tour's promoter) and completing the concert dates, for which he received a $40 million advance, Bieber was left owing more than $20 million to AEG. Then-manager Braun, through his company, covered what was owed in the form of a loan at a highly favorable (to Bieber) rate. In addition, the two were partnered in a number of other businesses including a record label and film projects. Braun also helped secure a $200 million catalog deal for Bieber's songwriting interests, possibly the largest nest egg in music history for an artist under 30. (Worth noting: Hailey Bieber, who married Justin in 2018, recently sold her Rhode Beauty skin care brand to e.l.f. Beauty for $1 billion; Braun was a seed investor.)
The settlement between Braun and Bieber is now completed says a source, who adds that Braun's last act at HYBE was to close the book on the squabble.
Reps for Bieber and Braun declined to comment on the settlement.
Stepping into the CEO position in Braun's place and leading all day-to-day duties is Isaac Lee, who has been chairman of HYBE Latin America since November of 2023. Lee's new title is chairman and CEO of HYBE Americas. In addition to running HYBE's operations in Mexico, Miami and Medellín, Colombia, Lee will also have oversight of Nashville-based Big Machine Label Group (BMLG) and Quality Control Media Holdings, headquartered in Atlanta.
While Braun's next move is unclear, HYBE chief Bang Si-Hyuk commented, 'Scooter has been an extraordinary partner, a visionary executive, and a true catalyst for cultural exchange. His contributions have been vital in establishing our ambitious presence in the U.S. market. I am deeply grateful for his leadership, his astute instincts and his unwavering passion for artists. We wish him immense success in his exciting next chapter and look forward to continuing our partnership in executing HYBE's global vision.'
Braun also remains one of HYBE's largest individual shareholders. In announcing his new role, Braun said: 'Being a part of HYBE and witnessing its remarkable growth has been one of the most inspiring chapters of my professional journey. Chairman Bang is a true visionary and a musical genius. What he has built with HYBE is unparalleled. I am incredibly proud of our collective accomplishments and look forward to supporting Chairman Bang and CEO Jason Jaesang Lee in their continued success as I step into what's next.'
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Los Angeles Times
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