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Concord has rejected a $5 billion takeover bid, Bloomberg sources suggest

There have long been rumors that Concord is exploring the possibility of a $4 billion sale.

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According to Bloomberg, that’s true, but the company has been looking for an “extraordinary plus” offer in the region of $6 billion.

In fact, sources speaking to Bloomberg’s Lucas Shaw suggest that Concord has turned down $4.5 billion and $5 billion in takeover bids to date.

Concord is majority owned by Michigan Retirement Systems.

Unlike private equity or other financial investors, pension funds typically look for “slow and steady” returns on assets over long periods of time.

This likely allows Michigan to be more selective in the sales listings it maintains for Concord than many other types of vendors currently in the music business.

Concord is reported to have annual sales of approximately $500 million and is headquartered in Beverly Hills, Los Angeles. In addition, the company operates offices in Nashville, New York, London, Berlin and Miami.

The company’s majority owner, Michigan Retirement Systems, has invested more than $1 billion in the music company. The company is minority owned by members of management.

“We got some very strong bids and we passed them all on”

Scott Pascucci, Concord, speaking to Bloomberg

Speaking to Bloomberg, Concord Chief Executive Officer Scott Pascucci said, “We’ve had some very strong offers and we’ve passed them all on.”

Concord Music Group was formed after Concord Records acquired Fantasy Inc in 2004. Concord Music Group shortened its name to Concord in 2019.

Today’s Concord was effectively founded in 2015 when the company merged with The Bicycle Music Company to form Concord Bicycle Music.

Today, Concord has three main businesses: Concord Recorded Music, Concord Music Publishing and Concord Theatricals.


Concord has expanded its portfolio through a series of acquisitions in both music publishing and sound carriers:

  • Concord Records, originally founded in 1973, acquired Fantasy Inc in 2004 for a deal valued at over $80 million, according to the Hollywood Reporter. Fantasy was the owner of both the Prestige catalog and the post-Atlantic Stax Records catalogue.
  • In 2005, Concord acquired Telarc International, a Cleveland label with more than 1,000 jazz, classical, and blues recordings, for an undisclosed sum.
  • Concord acquired Rounder Records in 2010 with a catalog of over 3,000 recordings. Concord said at the time that the combination of Rounder’s masters “with Concord Music Group’s rich catalog of more than 10,000 master recordings strengthens Concord’s status as one of the most important independent record companies in the world”.
  • In March 2013, Concord itself was acquired from Village Roadshow Entertainment Group by Wood Creek Capital, an investment manager. This acquisition brought today’s Concord CEO, Scott Pascucci, to the music company.
  • In July 2014, Concord announced the acquisition of the Vee-Jay Records catalogue, which contained over 5,000 master recordings from the likes of Little Richard, John Lee Hooker and Jimmy Reed.
  • In April 2015, Concord announced its merger with The Bicycle Music Company to form Concord Bicycle Music. Prior to merging with Concord, Bicycle – owned by investor Steve Smith – had completed over 100 of its own publishing and master recording catalog deals, including acquiring Wind-Up Records in 2013.
  • In May 2015, Concord announced a dual acquisition of two independent record labels – Vanguard and Sugar Hill – from Welk Music Group. Concord also announced the raising of $100 million in capital for further acquisitions.
  • That same month (May 2015), Concord announced another dual acquisition, this time of Fearless Records and Wind-Up Records.
  • In October 2015, Concord acquired an undisclosed interest in record label Razor & Tie. Concord later fully acquired Razor & Tie in 2018.
  • In 2016, another dual-label acquisition came as Concord bought both Americana/folk/blues specialists HighTone Records and Bandit Records’ recorded music assets.
  • In June 2017, Concord made its largest acquisition to date, acquiring Netherlands-based Imagem for a sum estimated to be over $550 million. The deal saw Concord acquire more than 250,000 copyrights from Imagem, bringing Concord’s publishing catalog to over 380,000 works.
  • In July 2017, Music Business Worldwide announced that Concord had acquired various assets from Warner Music Group as part of divestitures of WMG following its own acquisition of Parlophone Label Group.
  • In September 2017, Concord announced the acquisition of over 3,000 recordings in a buyout from the Savoy Label Group.
  • During 2018, Concord acquired film soundtrack and score label Varèse Sarabande, UK independent label Independiente and theater publisher Samuel French. That year, Concord also acquired the famous Latin American music label Fania Records and its sister music publisher.
  • In February 2018, Concord confirmed the acquisition of the Tams-Witmark musical theater library, which contains over 120 titles by celebrated authors such as Cole Porter, George and Ira Gershwin, Cy Coleman and Jule Styne.
  • In September 2019, Concord announced the acquisition of rock label Victory Records and its sister publisher Another Victory.
  • In December 2019, Concord announced the acquisition of historical classical music publishers, The Sikorski Music Publishing Group.
  • 2020 brought Concord two major acquisitions, both reportedly costing over $100 million apiece. In the first, Concord acquired a controlling interest in Los Angeles-based music publisher Pulse Music Group. Then, in August 2020, Concord Music Publishing announced the acquisition of the Imagine Dragons catalogue. MBW reported that Concord acquired the author’s share of the band’s catalog in perpetuity in addition to a co-publishing interest.
  • Additionally, in October 2020, it emerged that Concord had acquired a catalog from Spirit Music Group that included publishing rights originally developed by B-Unique.

music business worldwide

https://www.musicbusinessworldwide.com/concord-turned-down-a-buyout-offer-of-5-billion-suggest-bloomberg-sources/ Concord has rejected a $5 billion takeover bid, Bloomberg sources suggest

Fry Electronics Team

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