Warner Music buys 300 Entertainment for $400m
Warner Music has announced the purchase of 300 Entertainment, the label behind artists such as Megan Thee Stallion and Mary J. Blige.
Even though both companies did not disclose the deal’s value, sources told Reuters it amounted to around $400m.
“[Warner Music] is the perfect home for 300 artists and our team, as we invest in our independent vision and grow our global impact,” 300 Entertainment’s chief executive and co-founder Kevin Liles said in a statement.
Liles will be appointed chairman and chief executive of 300 as well as of Warner’s subsidiary Elektra Music Group.
“[Warner Music’s boss] Max [Lousada], Julie [Greenwald, chairman and COO of Atlantic Records], [Elektra co-presidents] Mike [Easterlin] and Gregg [Nadel] – these are leaders we know and trust. They understand the value we place on independence, individuality, and creativity.
“We’re going to accomplish amazing things together and take our artists and labels to a whole new global level.”
“At Warner Music, the independent spirit is part of our story, our DNA, and our vision. We’re creating the environment for original artists, entrepreneurs, and labels to pioneer the future of music,” Lousada added.
“The 300 team has built an extraordinary brand, attracted a dynamic community of artists, and led the way for a new generation of labels. We’ll bring their artists and team a whole universe of opportunities to ignite passionate fanbases and develop long-term careers.”