As expected, HarmonyHas the Nashville-based independent music company added Tribe Distribution to its portfolio of subsidiaries, the company announced on Monday. The terms of the deal were not revealed, but sources close to the situation tell Amount The deal was $ 90 million in the range, significantly higher than the $ 50 million that Principles rumored earlier.
STEM, an innovative company that provides distribution, digital strategy, data -driven insights, playlist and more for independent artists and labels, will continue to be run as a separate division within Concord Label Group, led by its existing CEO Milana Lewis and President Kristin Graziani.
Current staffing and operations are not expected to be affected by the deal; Tone, the pedigree -owned business platform Devosed to royalty accounting and other economic tools for record companies, are spun off and will be an independent business in the future, with Concord as one of its investors.
Concord’s ownership will provide STEM capital and resources to invest in new technology and build the necessary infrastructure to expand its suite with label services and accelerate STEM’s global expansion, according to the announcement.
“This is not an exit – it is an expansion,” emphasized Lewis, who founded the company in 2015. “We double to raise the standard for independent artists and prove what is possible when they have the right support behind them.”
“The success of the indie society is crucial to the long-term growth and health of the music industry. Our investment in STEM will equip them with the tools required to deliver first-class service all over the world while further modernizing the indie music landscape. Our focus on strengthening independent artists and entrepreneurs has never been clear,” SOT, “SAKE SKAD” SO SUDE “
Concord CEO Bob Valentine added, “Milana and her team has spent a decade creating a company that provides enormous value to both artists and labels. Like Concord, their focus has always given artists the tools they need to realize their visions and grow their careers.
Lewis added, “From day one, Stem has been hell in his mission to provide artists and their team real autonomy. We have built a platform that has consistently launched the hottest artists in the world by gathering the right components-which is more so on to get an economic tool.
Graziani Added, “Stem and Concord Both Serve as Trusted and Successful partners to independent artists. Bob, Tom, Vic, and the Concord Team have Built an IncredIbly Impressive, Durable Business Across Multiple Facts of the industry and we have GROWING AND SOUGHT-HERE DISTRIBUTION SPACE. We Know Concord’s Capital, Comprehensive Global Label Services and Strategic Expertise Across Recorded Music Will Immedialy Strengthen Stem’s Offering, While Allowing us to continue to deliver our promise. “
Concord’s external adviser was provided by Reed Smith with tax advice by KPMG. Stem’s team was led by Raine with a team of female advice: Rachel Totten and Natalie Martirosian from Goodwin Procter, Sarah Graham from Gibson-Dunn and Laxmi Vijayskar at Serling Rooks Hunter Mckoy Worob & Averill.
