Concord acquired what it says are “certain assets” of Hitco Entertainment, “including (with limited exclusions) the entire record catalog and certain recent releases”.
Company confirmation of deal for LA pop and hip-hop record label confirms an article from Diversity last month, citing multiple sources, it was reported that the music company has sold to Concord.
Hitco Entertainment is an independent record company headquartered in Los Angeles that was founded in January 2018.
The company was co-founded by ex-Epic Profile LA Reid boss, and businessman Charles Goldstuck.
The company’s artist contracts include Big Boi from Outkast and Dinah Jane from Fifth Harmony, as well as SAINT JHN and Yella Beezy.
SAINT JHN has enjoyed huge success in 2019 and 2020 with his hit Roses – through the Imanbek remix – reaching #4 on Billboards Hot 100 in the US and topped the charts in Australia, Canada, New Zealand and the UK.
In addition to its headquarters in Beverly Hills, Los Angeles, Hitco Entertainment also operates US offices in New York City and Atlanta, Georgia.
Concord’s acquisition of HitCo’s label assets follows news from last month’s buy back eight figures by Australian and New Zealand-based music publisher, Native Tongue.
MBW also understands that Concord is running to acquire the catalog of Pink Floyd.
Concord spent an estimated billion dollars on acquisitions in the first 14 years of business.
It then spent two nine-figure sums to get one majority of shares In Music group Pulse in 2020, and afterward Imagine Dragons Publishing Catalog, Formerly repurchase Downtown$400 million copyright portfolio by 2021.
Recent MBW interview Concord CEO, Scott Pascucciand the President, Bob Valentineabout the company’s return to the music merger and acquisition market, as well as its decision to decline a $5 billion acquisition offer.Worldwide music business
