Concord turned down a buyout offer of $5 billion, suggest Bloomberg sources

Concord has long been rumored to be exploring the possibility of a sale at a $4 billion valuation.

That’s true, according to Bloomberg, but the company is looking for an “unusual plus” offer in the region of $6 billion.

Indeed, sources speaking to Bloomberg’s Lucas Shaw suggest that, to date, Concord has rejected $4.5 billion and $5 billion in acquisition bids respectively.

Concord is largely owned by the Michigan Retirement Systems pension fund.

Unlike private equity or other financial investors, pension funds typically seek ‘slow and steady’ returns from assets over the long term.

This could give Michigan more choice in the purchases that entertain Concord than many other types of sellers currently active in the music business.

Concord is said to have an annual revenue of about $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 invest more than 1 billion dollars into a music company. The company is minority owned by the members of the company’s management board.

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

Scott Pascucci, Concord, told Bloomberg

Talk to Bloomberg“We received some very strong bids and we passed them all,” said Concord CEO Scott Pascucci.

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

Modern Concord was effectively conceived in 2015 when the company unify with The Bicycle Music Company to form Concord Bicycle Music.

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

In both music publishing and recording, Concord has built its portfolio through a series of acquisitions:

• Concord Records, originally founded in 1973, acquired Fantasy Inc in 2004 for a deal Hollywood Reporter proposed $80 million. Fantasy is the owner of both the Prestige category and the post-Atlantic Stax Profile Directory.
• In 2005, Concord buying Telarc International, a Cleveland-based record label with more than 1,000 jazz, classical and blues records, for an undisclosed amount.
• Concord buying Rounder Records in 2010, with a catalog of more than 3,000 records. Concord said at the time that the combination of Rounder’s masters “with Concord Music Group’s extensive catalog of more than 10,000 major recordings solidified Concord’s position as one of the world’s leading independent record companies.” most important in the world”.
• In March 2013, it was Concord that buying from Wood Creek Capital’s Village Roadshow Entertainment Group, an investment manager. The acquisition brought Concord CEO Scott Pascucci to the music company.
• In July 2014, Concord announced purchase of the Vee-Jay Records catalog, which includes more than 5,000 major recordings by 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 more than 100 deals for its own major record and publishing portfolio, including purchase by Wind-Up Records 2013.
• In May 2015, Concord announced a get double by two independent record labels – Vanguard and Sugar Hill – from Welk Music Group. Concord also announced a $100 million capital increase for further acquisitions.
• In the same month (May 2015), Concord announced a get doublethis time by Fearless Records and Wind-Up Records.
• In October 2015, Concord acquired a undisclosed shares on the Razor & Tie record label. Concord later get full Razor & Tie in 2018.
• In 2016, another double-label acquisition came, with Concord buying both professional Americana/folk/blues HighTone Recording and Bandit Records recorded music content.
• In June 2017, Concord made its largest acquisition: repurchase based in the Netherlands Imagem with amounts believed to exceed $550 million. The agreement shows that Concord imported more than 250,000 copyrights from Imagemoccupies Concord’s publishing portfolio of over 380,000 works.
• In July 2017, Worldwide music business revealed that Concord was buy many different properties are from Warner Music Group as part of divestment from WMG following the acquisition of Parlophone Label Group.
• In September 2017, Concord announced the acquisition of more than 3,000 recordings as part of Savoy Label Group’s acquisition.
• Throughout 2018, Concord acquired the soundtrack and score studio Varese Sarabande, UK Independent Trademark Independienteand theater publishers French Samuel. The year also saw Concord acquired the longstanding Latin music label, Fania Records, and its sister music publishing company.
• In February 2018, Concord confirmed the acquisition of Tams-Witmark music theater librarycontains over 120 titles from famous writers such as Cole Porter, George and Ira Gershwin, Cy Coleman and Jule Styne.
• In September 2019, Concord announced the acquisition by rock label Victory Records and its sister publishing company, Another Victory.
• In December 2019, Concord announced the acquisition by historic classical music publisher, The Sikorski Music Publishing Group.
• 2020 brings two massive acquisitions for Concord stable, both of which are reported to cost well over $100 million each. First time seeing Concord buy the majority of shares at a music publishing house based in Los Angeles, Music group Pulse. Then in August 2020, Concord Music Publishing announced the acquisition of the Imagine Dragons catalog. MBW reports that Concord has permanently acquired the writer’s share of the band’s catalog, in addition to the co-publishing portion.
• Additionally, in October 2020, it was reported that Concord had acquired a catalog from Spirit Music Group. including publishing rights Originally developed by B-Unique.

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