acquisition
The digital media and ecommerce company Infinite Reality announced that it acquired the streamer Napster for $207 million on Tuesday (March 25). This marks the third time Napster has changed hands in the last five years.
“With Infinite Reality’s expertise in immersive 3D technology, we will transform Napster into a next-generation platform where fans don’t just listen on their own — they experience music in entirely new ways,” Napster CEO Jon Vlassopulos said in a statement. “This isn’t just a new chapter for Napster, it’s the beginning of a more interactive and social music experience for the next era of the internet.”
Working with Napster, Infinite Reality aims to provide artists with the tools to create 3D virtual spaces and sell physical and virtual merchandise. “Imagine stepping into a virtual venue to watch an exclusive show with friends,” said Vlassopulos, or to “chat with your favorite artist in their own virtual hangout as they drop their new single.” Vlassopulos previously served as head of music at Roblox, which has offered similar experiences to artists and labels.
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Infinite Reality has been expanding rapidly in recent years, reporting that it spent around $800 million on acquisitions in 2024 alone. The company’s goal is “lead an internet industry shift from a flat 2D clickable web to a 3D conversational one,” according to Infinite Reality CEO John Acunto.
The spending spree has continued this year. In January, Infinite Reality announced that it had raised $3 billion. A few weeks later, it acquired the company Obsess, which has worked on 3D digital stores and experiences for brands like Ralph Lauren, Crate & Barrel, and J.Crew. Napster is Infinite Reality’s latest target.
Napster famously launched in 1999 as a file-sharing service that allowed users to download tracks for free. It later became a licensed streaming service, albeit a small one: It had a little more than 1 million monthly active users at the end of 2020, according to Music Ally.
That year, the virtual reality concert app MelodyVR bought Napster for $70 million. Hivemind Capital Partners and cryptocurrency company Algorand became the streamer’s new owners in 2022.
In an interview after that acquisition, Vlassopulos said he hoped Napster could foster “much more of [a] community experience” and not just be “a transactional consumption vehicle.”
Infinite Reality’s Acunto echoed that rhetoric this week. “I firmly believe that the artist-fan relationship is evolving,” he said in a statement. “Fans [are] craving hyper-personalized, intimate access to their favorite artists, while artists are searching for innovative ways to deepen connections with fans, and access new streams of revenue.”
Private equity firm Silver Lake has completed its acquisition of 100% of the stock of sports and entertainment giant Endeavor to take the company private in a deal that values it at $25 billion, the firm announced on Monday (March 24).
As part of the deal, Endeavor stockholders will receive $27.50 in cash per share, which represents a 55% premium to the company’s closing price of $17.72 on Oct. 25, 2023 — the day before Endeavor announced Silver Lake’s plans to take the company private.
Endeavor, which owns the talent agency WME, marketing agency 160over90, brand licensing agency IMG Licensing and more, will be renamed WME Group. Endeavor is the largest company in the media and entertainment sector ever to be taken private by a private equity sponsor, Silver Lake said in a press release.
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Silver Lake co-CEO Egon Durban said his firm has never sold a share in Endeavor since its first investment in the company in 2012, and over that time, Endeavor’s “revenue has grown by twentyfold.”
“Silver Lake has previously invested on six separate occasions to support Endeavor and now, with this latest investment, it is the single largest position in our global portfolio,” Durban added.
Endeavor founder and former CEO Ari Emmanuel will move into the role of executive chairman of WME Group. On Monday, Emmanuel cashed out a portion of his ownership stake in the company for $173.8 million, per a regulatory filing first reported by Variety. Patrick Whitesell, who was previously executive chairman of Endeavor/WME received a $100 million payout, Variety reported.
Following the deal Endeavor will hold on to its majority stake in TKO Group Holdings, a separately traded sports and entertainment company whose assets include wrestling promotor WWE and Ultimate Fighting Championship. The valuation of $25 billion includes TKO’s assets.
In addition to WME, 160over90 and IMG, Endeavor’s portfolio includes Pantheon Media Group, live event hospitality firm On Location and sports betting data firm OpenBet.
Led by co-CEOs Durban and Greg Mondre, Silver Lake has $104 billion in combined assets under management, and its portfolio includes stakes in companies including Oak View Group, Fanatics, TEG, Waymo, Stripe, Plaid, SoFi and Madison Square Garden Sports.
Concord is an advanced talks to acquire music distributor Stem, according to multiple sources close to the talks.
Los Angeles-based Stem is a 10-year-old digital distributor that gives independent artists ownership of their works and retains a distribution fee. Nashville-based Concord has vast music publishing and recorded music catalogs that include the compositions of Rodgers & Hammerstein, classical music publishing company Boosey & Hawkes, and the catalog of Round Hill Music, which it purchased in 2023 for $469 million.
Financial terms are unknown, but a report at Music Business Worldwide claims the deal could reach $50 million. The Hollywood Reporter cites sources as saying that figure “is wildly inaccurate” and that negotiations could result in a partial sale.
Stem would help Concord in its ambition to develop its frontline business. While Concord’s annual revenue is split roughly 50-50 between its publishing and recorded music divisions, it has notched more publishing hits, such as Miley Cyrus’ “Flowers,” which Concord owns a piece of through Tyler Johnson’s co-writing credit. In September, Concord merged its Concord Records and Fantasy Records into a single label, naming Margi Cheske and Mark Williams as co-presidents.
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Concord’s frontline record label business includes Rounder Records, Concord Jazz, Fearless Records, Concord Theatrical Recordings and the Kidz Bop franchise. Concord also has joint ventures in Loma Vista Recordings with Tom Whalley; Easy Eye Sound with Dan Auerbach; and PULSE Records with PULSE Music Group. Launched in 2023, PULSE Records saw major success with Tommy Richman’s 2024 hit “Million Dollar Baby.” Billboard estimates the song generated $4.99 million from on-demand audio streams and digital song sales, based on Luminate data.
Stem, which raised $40 million in three fundraising rounds from 2017 to 2022, has been looking for a strategic investor since at least last year to give it access to more funding for artist advances after losing a series of stars to major labels. Competition for artists seeking distribution deals had picked up enough that Stem “lost numerous deals historically as it wasn’t able to be competitive with advances,” according to a Stem pitch deck Billboard obtained in 2024.
In 2023, Stem secured a $250 million credit facility from Victory Park Capital to expand its advance check product, which has funded projects by Brent Faiyaz and Justine Skye. That line of credit was “restrictive,” a source with knowledge of the company tells Billboard, because it was doled out on a deal-by-deal basis, requiring each artist’s project to recoup its own advance. Lewis says a better option is to borrow against the whole company’s balance sheet so that if one artist’s project flops, the loan can be repaid by a successful one.
“Music is a hit-driven business, and you need to have capital that understands that and is willing to allow you to take the risk across multiple projects, knowing that the overall portfolio will perform,” this person says.
It was for that reason that Stem was looking for equity investors rather than debt. Outside investors, many from the venture capital world, already own a majority of Stem’s equity. Stem’s decision to provide artists with advances came at a time when interest rates were lower than they are today, and one industry source speculates that rising interest rates were a pressing matter for Stem. Concord would likely be able to provide Stem with a lower cost of capital, this source tells Billboard. Concord has raised more than $3 billion from three asset-backed securities led by Apollo Global Management.
Warner Music Group (WMG) has also been in the market for a distribution company, having passed on an opportunity to acquire TuneCore owner Believe in 2024. But speaking at a Morgan Stanley conference on Monday (March 11), WMG CEO Robert Kyncl suggested the company could build rather than buy a distributor at the going rates. “I’ve looked at all distribution companies over the last 18 months … and what I can tell you is that we’re not willing to grow this at all costs,” Kyncl said.
Next Century Spirits (NCS) has acquired country superstar Kenny Chesney‘s signature Blue Chair Bay Rum, expanding the liquor company’s presence into the premium rum category.
Blue Chair Bay Rum, created and built by Chesney, has sold more than 1 million cases since its 2013 inception, according to a press release. As part of the deal, Chesney will remain “one of NCS’s largest percentage owners” in the brand and continue to play an integral role. A purchase price was not disclosed.
“Blue Chair Bay Rum was created to capture my life, as a spirit to share with friends,” Chesney said in the statement. “This rum is the result of a lot of fun, passion, sunshine, good people and No Shoes Nation energy. Next Century Spirits embraces those same qualities. They have a passion for innovation and going to new places. This is going to be cool.”
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Chesney launched Blue Chair Bay Rum 12 years ago, serving as the sole owner and chief creative officer, according to the brand’s website. The brand’s name was inspired by Chesney’s 2004 song “Old Blue Chair,” which centers on Chesney’s affinity for island life.
Over the years, the rum has expanded into numerous flavors, including coconut, banana, vanilla, key lime rum cream, banana rum cream and coconut spiced rum cream.
North Carolina-headquartered Next Century Spirits’ portfolio also includes Nue Vodka, Numbskull (a cool mint and chocolate-flavored whiskey), Bear Fight Whiskey, Creek Water American Whiskey, Caddy Clubhouse Cocktails, Calamity Gin and Henderson Whiskey. The company was named North Carolina distillery of the year by the New York International Spirits Competition in 2023.
“Blue Chair Bay Rum has endless potential, and we’re excited to bring it into the NCS family,” said Anthony Moniello, co-CEO of Next Century Spirits, in a statement. “Kenny created something special – a great tasting rum with a rich story. At NCS, we’re building a team of fast-moving entrepreneurs and a portfolio of bold, unique brands for the next generation of spirits drinkers. Adding Kenny and Blue Chair Bay to our vision is another incredible step forward.” “Blue Chair Bay Rum strengthens our vision and marks another step in accelerating our growth as we work to shape the spirits of tomorrow,” added Rob Mason, co-CEO of Next Century Spirits.
The acquisition news comes as Chesney prepares to become the first country artist with a Las Vegas residency at Sphere, where he begins a 15-show run on May 22.
Rimas Entertainment, home to Bad Bunny and the No. 1 label on Billboard‘s 2024 year-end Top Independent Labels chart, has acquired a “significant” stake in Dale Play Records, the maverick Argentine label that’s home to DJ Bizarrap, Rels B and rapper Duki, Billboard can reveal.
The partnership includes Sony Music Latin Iberia, which continues to own a stake in the label. Helping bring the deal to fruition were Rob Stringer, Sony Music Group chairman and Sony Music Entertainment CEO; Afo Verde, chairman/CEO of Sony Music Latin America, Spain and Portugal; and Brad Navin and Jason Pascal of The Orchard.
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Fede Lauria, the Argentine executive who founded Dale Play out of Argentina and grew the label to its current stature, will retain a smaller percentage of the company and continue as CEO. The Orchard will also continue to distribute Dale Play as it has for years. The company’s other business verticals, which include booking and management — including the management of Duki, Nicki Nicole and Bizarrap — are not part of the deal and will remain solely under Lauria.
The partnership brings together two indie companies that have redefined the way Latin music is made and promoted on a global scale, with both developing and capitalizing on a new wave of urban music in Spanish — one centered in Puerto Rico (Rimas) and the other in Argentina (Dale Play) — with international ambitions. Rimas has already expanded its roster beyond Puerto Rico, signing Spain’s Quevedo and Mexico’s Latin Mafia.
“From day one, our mission has been to support and develop artists with authenticity and respect for their identity,” said Rimas Entertainment CEO Noah Assad in a statement. “With Federico and Dale Play, we’ve built a relationship founded on trust and mutual admiration. This alliance will allow us to break new boundaries and create opportunities for our artists and teams.”
In an earlier conversation with Billboard, Assad noted that this is Rimas’ first major acquisition and that it follows a longstanding friendship and years of business dealings between him and Lauria.
“We’re working hand in hand and all we’re doing is adding more value to each other, him to me and me to him,” he said. “The collaboration already existed. We’re formalizing something that was already happening.”
Lauria was already an established concert promoter in Argentina with the company Dale Play (which currently sells over 1 million tickets per year, mostly in Argentina) when he created the label portion of his business, Dale Play Records, in 2017, focusing on a previously untapped rap and trap music scene bubbling out of Argentina. Sony Music came in as a partner in 2020.
“Afo and I have had a long-standing friendship for many years, united by a mission to elevate Latin music to the highest level,” said Lauria in a statement. The new partnership with Rimas, he told Billboard earlier, “reflects a journey we have been on for many years with Noah, Jomy and the RIMAS team. We share the same vision and values. Our companies are 360 companies with similar philosophies and origins. They’re rare in the global market. We do management, booking, label, publishing. The potential that these two ecosystems have together and the mutual collaboration that our artists and businesses can have is huge.”
Fede Lauria, Noah Assad and Afo Verde.
Afo Verde/Sony Music Latin Iberia
Added Verde in a statement: “I have great admiration for the achievements of both Fede and Noah. They epitomize the new generation of executives and label leaders, characterized by their independent spirit and innovative approach. It is a privilege to continue our partnership with them, and I love that they wanted to work together.”
Assad and Lauria’s working relationship dates back to Bad Bunny’s early days as an artist playing small venues in Buenos Aires, which Lauria booked. Today, he still promotes Bunny’s Argentina stadium and arena dates. The two have since worked together on multiple artist collaborations and started discussing a possible partnership three years ago, with conversations solidifying last year.
“This alliance is key to expanding our global reach and connecting with talent wherever it may be,” said Jonathan “Jomy” Miranda, president of Rimas Entertainment, in a statement. “We have always been at the forefront of discovering new artists, and now, through this partnership, we will have ears in more corners of the world to support and develop the next generation of stars.”
“Rimas is still Rimas and Dale Play is still Dale Play,” said Lauria during his conversation with Billboard, when asked about the future management of the respective labels. But, he adds, both labels have been “an essential part of the development of a cultural movement, and we’re in the process of shaping artists in Spain and Mexico that aren’t Argentine or Puerto Rican. Being together gives us huge power.”
Everything aligned to make the partnership come together now, said Assad. “We want a partner that has a clear vision, knows what they want and knows their destination,” he adds. “Culturally speaking, we share a lot of the same culture, and that’s why we’re doing this strategic alliance.”
HarbourView Equity Partners is buying Grammy award-winning rapper-producer T-Pain‘s publishing catalog and certain master recording rights, the company announced on Thursday (Feb. 20). The Tallahassee, Fla.-born artist known for late-2000s party music hits like “Buy U a Drank (Shawty Snappin’),” “Bartender (featuring Akon)” and “I’m N Luv (Wit a Stripper) (featuring Mike Jones),” has been […]
Warner Music Group signed an expanded licensing agreement with Audiomack that covers 47 new countries including the U.K., France, Italy, Germany, the Caribbean, Mexico, Uganda and Zimbabwe. The two companies first struck a licensing deal in 2019.
Exceleration Music acquired Mack Avene Music Group, a collection of independent jazz labels that has released the works of artists including Christian McBride, Cécile McLorin Salvant and Kenny Garrett. Following the acquisition, Mack Avenue’s operations will be integrated with those of jazz label Candid Records, which Exceleration previously acquired, to form Exceleration’s overall jazz group. The group will be led by current Mack Avenue president Denny Stilwell and boast a team featuring other key executives from both Mack Avenue and Candid.
Triller Group scored a $50 million equity funding round from institutional investors, secured through a private placement consisting of common stocks and warrants, with the company’s shares priced at $2.20. The money will be used to unveil new AI tools, enhance the Triller platform’s livestreaming capabilities and revamp its video editing suite. An additional fundraise is expected later this year.
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Musical AI, a rights management platform for generative AI, raised an initial investment of $2.1 million led by Canadian VC firm Build Ventures. Select angel investors also contributed, with a seed round expected to close in the first half of this year. According to the company, its attribution model can determine what percentage of a generated output came from what data source, allowing rightsholders to “monitor, take down and sunset usage” of their works. “If we want AI training to be sustainable and ethical, we need attribution. Musical AI is the only company offering it in the audio space,” said Musical AI CEO Sean Power in a statement. “I’m thrilled that discerning investors are backing our efforts to transform how AI is trained.”
Downtown-owned distributor FUGA announced an expansion in the Asia-Pacific region via several new signings and partnerships across Indonesia, India and the Philippines. In Indonesia, FUGA partnered with Jakarta-based label Maspam Company, whose roster includes Pamungkas and Prince Husein; and label/distributor Sintesa Pro, home to Batas Senja. In India, it partnered with digital and music entities including GK Digital, whose catalog includes artists like Karan Randhawa and Max Singh; and music management platform DroomMusic, home to Gajendra Verma. And in the Philippines, it signed GMA Music and battle-rap artist Pricetagg.
Primary Wave Music expanded its relationship with The Piano Guys, with its Green Hill Productions (a member of the Sun Label Group) acquiring an additional stake in the instrumental group’s master audio catalog. Green Hill also signed a new distribution deal with the group that will see it “playing a more active role in the strategic growth of The Piano Guys’ catalog and new releases,” according to a press release.
Live Nation Urban invested in Breakr, a creator marketing and tech platform that allows record labels, creative agencies, brands and more “to discover, select, pay, and contract with independent online content creators for promoting songs, products, and services,” according to a press release. The investment will be made via a new venture fund formed by Live Nation and Live Nation Urban called the Black Lily Capital Fund, which is focused on providing capital and resources to Black founders of companies operating in or adjacent to the live music industry, with a focus on startups in pre-seed and seed round stages. Along with the investment announcement, Breakr unveiled a new instant pay system called BreakrPay that allows companies to fund campaigns instantly, allowing influencers to be paid in real-time.
Virgin Music Group Nigeria partnered with Ghanian distribution and integrated label services company RainLabs. Under the deal, Virgin will help provide comprehensive support for African artists through digital distribution, marketing, creative production and brand partnerships. RainLabs’ roster includes Joey B, Cina Soul and Baaba J.
Warner Music Group’s ADA distribution and artist services arm partnered with Berlin-based neoclassical label Aemeralds, which specializes in building composers’ brands through social media marketing, composer camps and playlists. Under the agreement, Aemeralds will have the ability to partner with the Warner Classics marketing team for local services and expertise globally.
Under an expanded naming rights partnership between the City of Bakersfield, Calif., and Dignity Health, the downtown complex previously known as Centennial Garden and then Mechanics Bank Arena will now be rebranded as Dignity Health Arena, Theater and Convention Center beginning next month. The complex features a 10,000-capacity arena, 3,000-seat theater and 17,840-square-foot convention center.
Warner Music Group (WMG) announced Tuesday (Feb. 11) that it’s completed its full acquisition of Africori, one of Africa’s leading digital music distribution, rights management and label services companies. Founded in 2009 in Johannesburg, South Africa, Africori touts itself as “one of the biggest independent songbooks in Africa,” including music by Kelvin Momo, Master KG […]
Bell Partners Worldwide has acquired Tennessee-based Christian label Gotee Records’ label operations and Emack Music Publishing arm. The partnership marks the launch of a new division, Bell Partners Christian Music, aimed at expanding the global reach of Christian music artists.
Gotee executives Joey Elwood and Toby McKeehan (tobyMac) will continue in leadership roles at Gotee as well as at Bell Partners Christian Music, with Elwood serving as CEO of the latter.
Producers Todd Collins and Elwood, along with Grammy-winning artist tobyMac, founded Gotee Records in 1992. The label has launched the careers of artists including Christian hip-hop pioneers GRITS, Christian R&B group Out of Eden, Relient K (“Who I Am Hates Who I’ve Been”), Jennifer Knapp, SonicFlood (“I Could Sing of Your Love Forever”) and Jamie Grace. Gotee’s current roster includes Jon Reddick (“God Turn It Around”), Cochren & Co. (“Money Can’t Buy”), Terrian (“In The Arms”), Ryan Stevenson and Joseph O’Brien.
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Bell Partners Worldwide is headquartered in Stockholm, Sweden, with operations across the United States, Europe, Asia and Latin America. The multifaceted music company specializes in rights management, publishing, synchronization, licensing and label services.
“This isn’t an exit strategy — it’s a strategic evolution,” Elwood said in a statement. “After many discussions with Bell Partners, we saw the potential in combining our 30 years of independent label experience with Bell Partners’ global infrastructure. This partnership allows us to elevate Christian music on a worldwide scale, and we’re excited for what’s ahead.”
Hayden Bell, founder/CEO of Bell Partners, added, “We are excited to welcome Gotee Records into the Bell Partners family. Joey and Toby have built an amazing company that has been a cornerstone of the Christian music industry, and I couldn’t wish for better partners as we move forward. This partnership not only strengthens our commitment to nurturing talent but also underscores our dedication to expanding the global influence of Christian music. Together, we will unlock new opportunities for artists, empower their voices, and share their inspirational messages with audiences around the world.”
Soundstripe, the Nashville-based music licensing company for creatives, agencies and brands, acquired tech startup The Rights, which helps streamline the synch licensing process for labels, publishers and music supervisors. According to a press release, the deal will help Soundstripe “accelerate its development of the music industry’s most robust click-to-license platform,” which is slated to launch in the first half of this year.
Warner Music Group’s indie distributor and artist services arm ADA extended its partnership with Sonny Fodera‘s label Solotoko, which has also released music by Dom Dolla, John Summit and Tita Lau, among others.
Nashville-based Walk Off Entertainment inked a global distribution deal with Virgin Music Group. Walk Off Entertainment was founded by Chris Ruediger, who also founded the creative community/promotional outlet The 615 House. The first releases under the new deal are expected in the first quarter of 2025; the company’s client roster includes Gareth and Abby Anderson. – Jessica Nicholson
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Record label LASAL announced a strategic distribution and joint venture partnership with Capitol CMG, marking “a new era in the faith-based music industry and a significant milestone for both companies,” according to a press release. Capitol will act as a partner in signing and developing artists alongside LASAL. “In Spanish, LASAL translates to ‘The Salt,’ which adds flavor and restores balance within the body,” Samuel Ash, founder of LASAL, said in a statement. “That is our purpose: to restore balance in the music industry while allowing artists to freely express their creativity and faith without limits. Capitol CMG shares this vision, and together, we believe we can inspire and impact the world.” – Griselda Flores
Independent distributor IDOL signed global partnerships with two labels: Brooklyn-based Mexican Summer (Cate Le Bon, Hayden Pedigo) and Dom Recs, a new imprint launched by Dan Petruzzi and Roxy Summers that is gearing up for its first album release, Twin Shadow’s Georgie. Both labels will receive global digital distribution, marketing and audience development services under their respective deals.
Tuned Global, a leading cloud platform for the music industry, partnered with AudioShake in a deal that will give Tuned Global clients access to AudioShake’s AI-based tools, including stem separation and lyric transcriptions. AudioShake technology is now available to Tuned Global’s white-label streaming applications and via Tuned Global’s advanced APIs.
Ticketing and live event marketplace Tixr partnered with full-scale event production company Social House Entertainment. Through the pact, Social House will integrate Tixr technology to optimize ticket sales and allow it to better manage merch, VIP experiences and other event services while streamlining the ticketing process. Social House is behind the popular multi-city Tacos and Tequila Festival and other events.
Tickets for Good, which offers affordable event tickets to healthcare workers, teachers, charity staff and others facing economic barriers, expanded into the Netherlands following launches in the U.S. and the U.K. The launch is being supported by Greenhouse Talent, ID&T, Mojo Concerts and This is Live, as well as ambassadors Robbie Williams and MassiveMusic founder Hans Brouwer. Led by Simone van Hövell and Linda Holleman, Tickets For Good Netherlands encompasses more than 30 healthcare institutions, reaching over 150,000 healthcare workers.
Live Nation Urban partnered with Black on the Block, a monthly vendor festival that highlights Black-owned businesses. Through the deal, Black on the Block will expand to seven cities in 2025, kicking off March 23 at Global Life Field in Arlington, Tex. Other new stops made possible by the pact include Houston, Atlanta, Detroit and Charlotte, N.C.