Concord has acquired what it says are “certain assets” of Hitco Entertainment, “including (with limited exclusions) its entire sound recording catalog and certain recent releases”.
The company’s confirmation of its deal for the LA-base hip-hop and Pop record label confirms an article from Variety last month, which, citing multiple sources, reported that the music company had been sold to Concord.
Hitco Entertainment is a Los Angeles-headquartered independent record company founded in January 2018.
The company was co-founded by ex-Epic Records boss L.A Reid, and entrepreneur Charles Goldstuck.
The firm’s artist signings have included Big Boi from Outkast and Dinah Jane from Fifth Harmony, as well as SAINT JHN and Yella Beezy.
SAINT JHN found major success in 2019 and 2020 with his hit Roses, which – via an Imanbek remix – hit No.4 on the Billboard Hot 100 in the US, and topped charts in Australia, Canada, New Zealand, and the UK.
In addition to its HQ in Beverly Hills, Los Angeles, Hitco Entertainment runs US offices in New York City and Atlanta, Georgia.
Concord’s acquisition of HitCo’s label assets follows the news from last month of its eight-figure acquisition of Australia & New Zealand-based music publisher, Native Tongue.
MBW also understands that Concord is in the running for the acquisition of Pink Floyd’s catalog.
Concord spent an estimated $1 billion on acquisitions during its first 14 years in business.
It then spent two nine-figure sums acquiring a majority stake in Pulse Music Group in 2020, and then the Imagine Dragons publishing catalog, before acquiring Downtown’s copyright portfolio for $400 million, in 2021.
MBW recently interviewed Concord CEO, Scott Pascucci, and President, Bob Valentine, about the firm’s return to music’s M&A marketplace, as well as the company’s decision to turn down a $5 billion acquisition offer.Music Business Worldwide
