Quality Control has been acquired for a reported $300 million by the Scooter Braun-headed HYBE America.
via: HipHopDX
According to Variety, the powerhouse Atlanta label — along with its sports, film and television ventures — entered into an agreement to merge with and be acquired by HYBE America on Wednesday (February 8).
The acquisition of Quality Control — which is home to some of the biggest names in Hip Hop including Lil Baby, Migos, Lil Yachty and City Girls — marks Braun’s first major move since becoming sole CEO of HYBE America earlier this year.
In a statement, Quality Control co-founder Pierre “P” Thomas spoke about the benefits of the partnership and taking the company worldwide.
“HYBE are perfect partners for Quality Control as we come together to take our story and work global,” he said. “All of HYBE’s leaders are entrepreneurs with phenomenal combined history finding talent and taking it to the highest levels.
“Taking QC worldwide requires key partners like this who understand building something from the bottom and aiming sky high. It matters to us greatly their grasp of culture and acutely seeing what QC has built and the limitless path of where it can go.”
“Over many years Scooter and I have cultivated real trust and a common way of looking at the world and culture,” he added. “An added bonus of this partnership is the fact that both QC and HYBE have existing relationships with the UMG family and that will create an easy flow that will benefit the artists.
“The artists of QC are our focus and their best interests will be incredibly supported with this partnership.”
Scooter Braun, meanwhile, reflected on his long-running relationship with Thomas and fellow Quality Control founder Kevin “Coach K” Lee, describing the partnership as a full circle moment.
“I am so proud and honored to have Coach and P join Bang and I as our partners,” Braun said. “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.”
Headquartered in South Korea, HYBE America’s U.S. portfolio includes SB Projects, which is the management home to artists such as Justin Bieber, Ariana Grande, Quavo and The Kid LAROI.
P also emphasized the significance of the deal in an Instagram post, telling his followers to “stop thinking people are selling OUT. Instead see people are selling IN and see that you are building something to create more-for everybody.”
He added: “Black entrepreneurs are not getting these opportunities on a regular basis and they should be.”
Diddy congratulated P and Coach K in the comments section, writing: “Congrats king. Y’all deserve it!!!!! @coachk44 Love love love!!!”
Under another post from P announcing the deal, Jamie Foxx wrote: “Big congratulations,” while DJ Drama added: “CONGRATS TO MY BROTHERS.”
