Concord Music Group Sold

[Mark Stryker]

A couple of stories about the sale. Unclear, of course, what this will mean long term for the stuff we all care about ...

http://www.billboard.com/biz/articles/news/indies/1554424/concord-music-group-to-be-sold-to-wood-creek-capital-management

http://fmqb.com/article.asp?id=2633171

[J.A.W.]

I wonder what this means for the Fantasy catalogue, including Riverside and Prestige...

[GA Russell]

I didn't know that Concord owns Telarc and Rounder.

[John L]

I imagine that this is not good news for jazz lovers. Concord seemed to have an interest and commitment to jazz that went beyond most other labels.

[king ubu]

"there's such an incredibly bright future ahead of us"

[BeBop]

I saw the headline and figured immediately it had to be a private equity firm. (I follow the industry closely and know they current investing propensities.) As acquring firms go, Wood Creek is likely to be a better "friend to music lovers" than the "lever up and dismantle" crews, but I remain cautious.

A bit of, I guess, good news...

From the press release:

Glen Barros will remain in his post as Concord’s President & CEO after the transaction. Norman Lear, Concord’s current Chairman, will remain closely involved with the Company as Chairman Emeritus. In working collaboratively with the Wood Creek team, Concord’s management plans to expand its efforts to deliver great value and service to its investors, artists, employees and customers.

[The Magnificent Goldberg]

The bit I thought was interesting was:

The acquisition is being made on behalf of funds managed by Wood Creek and an individual investors group that includes members of Concord's senior management and music industry veterans Steve Smith, a principal in Bicycle Music, and Scott Pascucci, a former head of Rhino Entertainment.

So this is, in part, a management buyout, plus a couple of old heavies, one of whom was in the reissue business, plus the usual suits.

Well, we'll see.

MG

[mjzee]

The sale is probably due to Norman Lear's getting old and wanting to cash out.

[kh1958]

"The principal purpose for the buyout is to ensure the reissuance of Freddie McCoy's Prestige recordings." It should be so anyway.

The bit I thought was interesting was:

The acquisition is being made on behalf of funds managed by Wood Creek and an individual investors group that includes members of Concord's senior management and music industry veterans Steve Smith, a principal in Bicycle Music, and Scott Pascucci, a former head of Rhino Entertainment.

So this is, in part, a management buyout, plus a couple of old heavies, one of whom was in the reissue business, plus the usual suits.

Well, we'll see.

MG

[mikeweil]

Reissue-wise, it can't get much worse ... and I doubt this will affect the distribution deal with Universal.

[paul secor]

I'm not holding my breath waiting for anything worthwhile to happen.

[BeBop]

I wouldn't guess that this is about improving things as jazz lovers experience them. The best possible outcome I might anticipate is that the company stays alive and keeps selling stuff longer than it otherwise might. But this PE firm is really all about intellectual property. I can't picture them doing a heap of recording and new issues.

[The Magnificent Goldberg]

"The principal purpose for the buyout is to ensure the reissuance of Freddie McCoy's Prestige recordings." It should be so anyway.

YAY!!!! :G

MG

[robertoart]

Actually the Prestige session tapes that don't include Miles, Monk or Coltrane are stuffed into the back of a storage cupboard under a pile of rags and other cleaning paraphernalia the Janitors don't use anymore, but nobodies bothered to throw out. A Japanese jazz executive stumbled over them serendipitously a few years ago while he was fumbling around in the closet (don't ask), and made some tape copies.

[Neal Pomea]

Lower profile for Takoma than ever?

[Chuck Nessa]

Lower profile for Takoma than ever?

And Kicking Mule.