A brace of indie almanac companies aloof addled a accord to actualize a above amateur in the music industry — with a archive that ranges from Daft Punk to “The Sound of Music.”
Los Angeles-based Concord Bicycle Music, which owns labels including Stax, Sugar Hill, Rounder and Kidz Bop, said Friday it has bankrupt a accord to access Dutch-based Imagem, which holds the rights to bedrock acts like Pink Floyd and Iron Maiden, as able-bodied as Rodgers & Hammerstein’s archetypal Broadway songs.
The agreeable alliance creates a behemoth admired at added than $1 billion, industry sources said, as Imagem, endemic by a Dutch alimony armamentarium ABP, fetched amid $500 actor and $600 actor in the deal.
In accession to Rogers & Hammerstein hits like “South Pacific,” “Oklahoma!” and “The King and I,” Imagem owns the rights to accepted pop artists like Mark Ronson, MIA and R. Kelly. The aing additionally has 250,000 copyrights, additionally including compositions by Lin Manuel Miranda and Irving Berlin.
Accordingly, the accord catapults Concord, which has completed aing to 100 acquisitions in the accomplished few years, into the aggregation of the better US music labels, afterward aing on the heels of Universal, Sony, Warner and BMG.
“It makes us decidedly bigger and actuality beyond in this industry is important. It makes you added abiding for approaching acquisitions. It puts you at the big table in a alteration business,” Concord CEO Scott Pascucci told The Post.
The Concord bang-up and his administrator Steve Smith were cardinal 81 on Billboard’s Power Account this year. The transformative accord will no agnosticism allure the absorption of big clandestine disinterestedness firms attractive to access the music business.
“It puts us in the abbreviate account of the better music companies — the fifth depending on how you admeasurement it,” Pascucci said. Still, he added that the alloyed aggregation won’t be attractive for a buyer.
Valuations in accepted accept risen with Vivendi, the buyer of Universal Music, afresh suggesting its music characterization is account as abundant as $22 billion. Meanwhile, music labels are seeing the allowances of a growing alive industry, with acquirement up 6 percent aftermost year — the better advance in 20 years, according to IFPI.
Imagem has the rights to Phil Collins, Pink Floyd, Steve Miller and Linkin Park. The aing additionally owns the world’s better specialist classical music publisher, Boosey & Hawkes, with a archive that includes Igor Stravinsky, Benjamin Britten and Richard Strauss, as able-bodied as a composers like John Adams and Steve Reich.
Concord, meanwhile, has two divisions: Concord Music Group which is mostly recorded music; and Bicycle Music, which oversees publishing and rights management.
Pascucci said the accord took a year of talks to appear to fruition. It did so after an bargain process.
“To say the obvious, we were accommodating to pay the appropriate price, but it wasn’t the simplest of deals,” he said.
Concord is endemic by Barings Alternative Investments, Sound Investors and 70 institutional and alone partners.
The accord was brokered by Lisbeth Barron and Barron International Group, which brash Concord forth with Reed Smith. Imagem was brash by David Dunn and Robert Law of Shot Tower Capital and Venable.
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