[UPDATED] Indie music powerhouse Concord Music continues its buying streak with this acquisition of the Savoy Label Group. Details of the deal were not disclosed.
In June, Concord acquired music publisher Imagem at a record breaking price reported to be between $500 million and $600 million. The combined companies create the world’s sixth largest music publishing company.
The 3000 album strong Savoy catalog includes iconic recordings from Miles Davis, Dexter Gordon, and Charlie Parker, Sun Ra and many others. Savoy’s subsidiary label 429 has recorded such acts as Dr. John, Little Feat, Cracker, Macy Grey and Gin Blossoms. Boz Scaggs is also signed to 429 with a new album expect early next year.
“Concord’s enormous success in many of the same musical genre’s SLG has pursued convinces me they will be outstanding stewards of both the rich catalog as well as the new recordings to come from our very talented artists,” Former Savoy head and owner Steve Vining said in a statement. He will stay on in a consulting role.
Concord Music’s Chief Business Development Officer, Steve Salm, added, “The addition of Savoy to Concord Music is consistent with our ongoing growth strategy, as it deepens our presence within a number of core genres. It also adds numerous classic recordings and another legendary brand to our great group of labels.”