Common acquires 49% stake in unbiased music powerhouse [PIAS]
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Common Music Group has acquired a minority stake in unbiased music firm [PIAS] for an undisclosed sum.
The deal, which sees UMG purchase a 49% stake within the [PIAS] Group, follows the formation of a strategic international alliance between the 2 firms in June 2021.
In response to the press launch issued on Wednesday (November 30), underneath their new settlement, “[PIAS] will stay absolutely unbiased, and its founders Kenny Gates and Michel Lambot will retain majority management of the corporate”.
The discharge provides that “UMG can have no seats on the corporate’s board”.
[PIAS] has over 300 staff and two core divisions: the [PIAS] Label Group, which oversees the corporate’s varied document label pursuits and [Integral] Distribution and Label Providers, which offers help to its personal, in-house labels and over 100 unbiased label companions around the globe.
A few of these label companions embrace ATO, Beggars Group,Bella Union, Chrysalis, Domino, Epitaph, LSO, Mute, Ninja Tune, Partisan, Secretly Group, Transgressive and Warp.
Commenting on the deal, Sir Lucian Grainge, Chairman & CEO, Common Music Group, stated: “The boldly unbiased and music-centric tradition that Kenny and Michel have constructed over the past 4 a long time has offered an important inventive community to so many artists.”
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“The boldly unbiased and music-centric tradition that Kenny and Michel have constructed over the past 4 a long time has offered an important inventive community to so many artists.”
Sir Lucian Grainge, Common Music Group
Added Sir Lucian Grainge: “Whereas a lot of the previous was centered on ‘majors versus indies,’ it’s clear that at the moment, the necessary divide in our trade is about these dedicated to artist growth versus these dedicated to amount over high quality.
“We share Kenny and Michel’s ardour for creating artists and transferring tradition, and we acknowledge {that a} wholesome music ecosystem wants firms like [PIAS] who’re dedicated to amplifying the perfect voices in unbiased music.”
“We’ve loved a wonderful relationship with the Common Music Group workforce since we introduced our strategic international alliance with them final yr.”
Michel Lambot, [PIAS]
Michel Lambot, Co-Founding father of [PIAS], stated: “We’ve loved a wonderful relationship with the Common Music Group workforce since we introduced our strategic international alliance with them final yr.
“Kenny and I are celebrating our firm’s 40th anniversary this yr and we’re nonetheless as bold as we had been once we began out about rising our international presence and offering a world class service to the unbiased music group.”
“Nowadays we’re competing with finance and tech giants and a accomplice like Common Music Group offers the extra help for us to compete and develop.”
Kenny Gates, [PIAS]
Kenny Gates, Co-Founder and CEO of [PIAS] stated: “Nowadays we’re competing with finance and tech giants and a accomplice like Common Music Group offers the extra help for us to compete and develop.
“Common made it clear that they like us, they belief us and so they want us, as a result of they’ll’t do what we do and so they worth it extremely.
“For Michel and I that is our life’s work and an ongoing journey and I’m excited concerning the prospect of this new chapter within the lifetime of [PIAS] . This transfer makes us stronger and secures the way forward for our model, our employees and our companions whereas sustaining management of our future.”
At present’s information comes two months after the expiration (on September 21, 2022) of Common Music Group’s 10-year ban in Europe on re-acquiring any asset – or re-signing any artist – concerned in its EMI-related divestments.
MBW lately identified, that following the expiry of its post-EMI restrictions in September, Common could be legally free to method [PIAS] with a minority or majority fairness acquisition provide.