Concord Music, one of the largest independent label groups in the U.S., has been bought by Wood Creek Capital Management, a division of MassMutual Financial Group. The acquisition is being made on behalf of funds which Wood Creek advises, and an individual investor group that includes members of Concord’s senior management and industry veterans Steve Smith and Scott Pascucci.
Terms of the transaction were not disclosed. Glen Barros will remain Concord’s President & CEO.
Concord Group labels include Concord Records, Concord Jazz, Hear Music, Fantasy, Stax, Milestone, Riverside, Specialty, Telarc, Heads Up, Prestige and Rounder. Concord's active roster ranges from jazz to pop including Paul McCartney, Paul Simon, Alison Krauss, Chick Corea, James Taylor, Steve Martin, Ben Harper and Esperanza Spalding.
"It was vitally important, therefore, that we find the right investors with whom to continue this exciting journey. And I know that we’ve found the right people with Wood Creek," said Concord’s President & CEO, Glen Barros in a statement.
WoodCreek Capital has previously made a number of investments in music copyrights, film and television content including The Bicycle Music Company and its managed portfolio of copyrights and master recordings; and the Varese Sarabande film score specialty label.
Normon Lear's Village Roadshow Entertainment says that it elected to sell Concord to concentrate on its film business.