Big Machine Label Group CEO/founder Scott Borchetta is departing HYBE America five years after HYBE’s purchase of Ithaca Holdings in 2021. Ithaca Holdings purchased Big Machine Label Group in 2019 for an estimated $300 million, in a deal that also included Taylor Swift’s masters.
HYBE will retain assets of Big Machine Label Group, including distribution, the publishing company Big Machine Music and a number of talent currently on the label’s roster including Thomas Rhett, Brett Young, Midland, Justin Moore, Carly Pearce, Preston Cooper, Jackson Dean and Mae Estes. It is expected to announce a new label name and leadership in coming days.
Borchetta, who founded Big Machine Label Group in 2005, has reacquired the Big Machine Records brand and is expected to relaunch the label.
“Scott has made a lasting mark on the music industry with his sharp eye for talent and his unique vision,” said Isaac Lee, chairman/CEO of HYBE AMERICA in a statement. “He recently approached us to ask for our support as he works to pursue a new, independent and entrepreneurial stage of his career, working to advance the Big Machine brand separately from HYBE. While we are sad to see Scott go, we understand – and want him to pursue his passions and are grateful for all he did for the company… HYBE AMERICA will continue to support our artists’ interests across music, film, television, brands and culture in the U.S. market and beyond,” said Lee. “We are beyond excited for our future in Nashville and will make further announcements in due course.”
“I am incredibly appreciative of my partnership with HYBE over these last five years,” Borchetta added. “[HYBE’s] Chairman Bang often talks of his fondness for entrepreneurs and he, Isaac, and the HYBE leadership team have extended that belief with this incredible showing of support by allowing me to continue to build upon my vision of the Big Machine Records brand. For that, I am forever grateful and wish them nothing but continued and incredible global success.”
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