"Our future starts today," Mabe declares in email sent to the company's employees.
The latest episode of Billboard Explains delves into the role of record labels, how they make profit and how they're evolving in the age of social media.
"We need to make sure artists and their music are present where fans are and that means a lot of content both premium and casual," says Joseph Oerke.
The agreement takes the executive from an all-cash compensation package to one that combines cash and equity, including a one-time transition equity award worth $100 million.
CEO Robert Kyncl said the company would be “reallocating resources towards new skills for artist and songwriter development and new tech initiatives.”
The German-owned publisher and label reported its 2022 revenues rose nearly 31% to 866 million euros ($912.6 million).
HYBE still owns an 8.8% stake in the competing K-pop company after Kakao purchased an additional 1.66 million of its shares.
The Big Machine Label Group CEO suffered injuries while racing in the Trans Am Series in Atlanta on Sunday.
HYBE will offload its 15% stake to its South Korean rival, marking an official end to the bidding war that erupted over SM.
"We’re now targeting our approach to radio to be more strategic," Goodman says.
