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\n\tChange is once again afoot at Big Machine<\/a> Records. The label\u2019s founder, Scott Borchetta<\/a>, announced on Thursday that he\u2019s exiting HYBE<\/a> America, which acquired Big Machine Label Group (BMLG) as part of a 2021 deal, and is taking the Big Machine Records name with him. Borchetta launched Big Machine in 2005 with its first signed artist: Taylor Swift<\/a>. He sold the group to Ithaca Holdings in 2019 for an estimated $300 million.<\/p>\n \n\tAfter Hybe purchased Ithaca Holdings in 2021 for $1.05\u00a0billion, Borchetta served as the CEO of BMLG. While Borchetta will be walking away with the label\u2019s brand for his own future ventures, HYBE America will still own assets, the distribution deal, the\u00a0publishing company Big Machine Music\u00a0and a number of artists on the\u00a0label\u2019s roster, including country stars Thomas Rhett, Brett Young, Midland, Justin Moore, Carly Pearce, Preston Cooper, Jackson Dean, and Mae Estes.<\/p>\n \n\tWhat was formerly BMLG at HYBE will operate under a new label name. A press release states that new leadership will be announced in the next few days, leading Nashville insiders to speculate on who may take the reins.<\/p>\n \n\t\u201cScott has made a lasting mark on the music industry with his sharp eye for talent and his unique vision,\u201d said Isaac Lee, Chairman and CEO of HYBE America, in a statement. \u201cHe 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 \u2013 and want him to pursue his passions, and are grateful for all he did for the company.\u201d<\/p>\n \n\t\u201cHYBE AMERICA will continue to support our artists\u2019 interests across music, film, television, brands and culture in the U.S. market and beyond,\u201d said Lee. \u201cWe are beyond excited for our future in Nashville and will make further announcements in due course.\u201d<\/p>\n