Quality Control Music, the label behind Migos, Lil Baby, City Girls and Lil Yachty, has been acquired by Scooter Braun‘s HYBE. Billboard reports CEO Kevin “Coach K” Lee and COO Pierre “P” Thomas sold the label and its parent company, QC Media Holdings, to the South Korean music company in a deal worth $300 million in cash and stock.
“P and I are ecstatic about this partnership with Scooter and HYBE and are confident they can get us to our global ambitions we’ve had in our scope since the beginning of the company as nothing means more than our artists impacting worldwide,” Lee said in a statement. “Over many years, Scooter and I have cultivated real trust and a common way of looking at the world and culture.”
Thomas adds the HYBE team consists of “entrepreneurs with phenomenal combined history [of] finding talent and taking it to the next levels.” He also took to Instagram to address accusations that he and Lee were sellouts for their latest move.
“There’s no value in separation. There is so much more value when people are working together and not hating and taking each other down. Especially when you come from nothing,” he writes. “Stop thinking people are selling OUT. Instead see people are selling IN and see that you are building something to create more-for everybody. Black entrepreneurs are not getting these opportunities on a regular basis and they should be.”
“Let’s stay inspired and celebrate the blessings and leveling up and breaking of barriers,” Thomas continues. “Ready For The Next Chapter.”
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