Concord, one the largest independent recording labels, has reportedly renewed its existing global distribution agreement with one of the world’s leading music firm, UMG (Universal Music Group), maintaining a Business-to-Business partnership which has lasted for more than 15 years.
Under the novel contract, UMG would continue to physically as well as digitally make releases from frontline labels of Concord, under the leadership of Tom Whalley, Chief Label Executive, along with catalog projects, led by Sig Sigworth, Chief Catalog Executive. This would include recordings from Concord Jazz, Rounder Records, Loma Vista Recordings, Fearless Records, Fantasy Records, Craft Recordings, as well as KIDZ BOP, the No.1 music brand for kids.
CEO, Concord, Scott Pascucci, stated as the firm has grown, UMG has provided the needed support to expand the global success of Concord’s frontline labels, Craft Recordings, KIDZ BOP franchise, as well as the remaining catalog. The firm is thrilled to be renewing this partnership with UMG.
Chairman and CEO, UMG, Sir Lucian Grainge, stated that its partnership with Concord is built on the principles of shared values, as both companies put creativity as well as artists at the center what they do.
The master recording catalog of Concord comprises of nearly 16,000 active albums. The catalog also includes nearly 284 Grammy winners, which, according to the firm, represents around 6.5% of total Grammys awarded till date.
The historic labels of Concord are managed by its Craft Recordings team, including storied imprints like Wind-up, Riverside, Varèse Sarabande, Savoy, Nitro, Vee-Jay, Telarc, Specialty, Prestige, Milestone, Stax, Pablo, Independiente, Musart and Fania.
The recording labels firm announced in August that it had closed a debt offering of approximately $600 million placed with about 90 investment companies by J.P. Morgan.
Together with its current revolving $450 million credit facility, term loan B debt offering has given Concord access to a debt financing of around $1 billion.