HYBE America has agreed to purchase Quality Control, the Atlanta-based entertainment company that owns the rights to music created by Lil Baby, Lil Yachty, City Girls and Migos, along with sports, film and television. the company was founded by CEO Pierre “P” Thomas and COO Kevin “Coach K” Lee.
The deal, which was valued at $300 million in stock and cash, was led by HYBE America CEO Scooter Braun.
This is a great deal for Pee and Coach K, but many on Black Twitter are upset that one of most prominent Black music companies was sold – during Black history month. They’re also upset that Quality Control sold music that was created by Offset, which Cardi’s husband believes he still owns.
As Media Take Out reported, Offset is currently suing Quality Control – claiming that he bought the rights to his music back.
Pee responded to the controversy:
HYBE, which is a Korean based company, has a mission to build a global entertainment giant rooted in music with interests in other mediums and platforms related to entertainment, lifestyle and culture.
The South Korean entertainment leader’s U.S. portfolio includes SB Projects, management home to Justin Bieber, Ariana Grande, the Kid Laroi and Migos member Quavo, among others, as well as Big Machine Label Group whose roster includes Country artists Tim McGraw, Thomas Rhett and Rascal Flatts, as well as Rock and Roll Hall of Fame nominee Sheryl Crow. HYBE’s current market cap stands at $6.6 billion.
“I am so proud and honored to have Coach and P join Bang and I as our partners,” said Braun in announcing the deal. “QC is one of the most significant independent labels in the world, working with incredible artists who are, and remain to be, the voices of culture. I’ll never forget riding around Atlanta over 20 years ago with Coach discussing our dreams and ambitions and how we said ‘If they let us in the game, we are never going to give it back.’ Now, all these years later, we are joining forces to make these dreams a reality.”
[social_warfare]