Indie Music

Concord Music Group Sold To Wood Creek Capital

image from gallery.mailchimp.comConcord 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.

image from gallery.mailchimp.comWoodCreek 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.  

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2 Comments

  1. Steve Smith was the COO of Clear Channel Entertainment. He also owned the Album Network trade mag back in the day.

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