Warner Music Group has been acquiring independent record labels this year, and on Thursday it announced it would buy 300 Entertainment, which houses top artists like Megan Thee Stallion, Young Thug, Fetty Wap and Mary J.Blige.
Megan Thee Stallion performs at the Arts Centre in Atlanta, Georgia.
The wire image.
WMG didn't reveal the purchase price, but sources told Variety it was around $400 million.
300 Entertainment will retain its independent identity, and co-founder and CEO Kevin Liles will be promoted to CEO and chairman of a new division that puts the Elektra Music Group under the 300 umbrella.
The acquisition is a natural evolution, and the group plans to take our artists and labels to a whole new global level.
Atlantic is owned by WMG.
$535 million. Variety reported that WMG raised debt last month to pursue acquisitions.
What to watch for.
The Financial Times reported last month that WMG was in talks to purchase David Bowie's songwriting catalog.
WMG has acquired several independent record labels. WMG acquired Zhara Music, an independent Russian label, in March, and in July the company acquired the assets of 12Tone music, which has Anderson.Paak and Dolly Parton on its roster.
The Warner Music Group acquired 300 Entertainment.
