Concord Bicycle Music acquires Imagem

A new US$1 billion independent player has entered the music market.

Last Friday, Los Angeles-based Concord Bicycle Music acquired Dutch music publisher and theatrical rights company Imagem Music Group after a year-long negotiation.

Concord CEO Scott Pascucci says that the deal doubles its size and now makes Concord the fifth biggest record company after Universal Music, Sony Music, Warner Music and BMG.

The expanded Concord will this year make $290 million in revenue, according to Pascucci.

Concord Bicycle Music has the likes of Paul McCartney on its roster and owns record labels such as Stax, Sugar Hill, Rounder and Kidz Bop.

Its publishing division now totals 380,000 catalogues.

Owned by Dutch pension fund ABP, Imagem is one of the world’s largest independent publishers with 250,000 copyrights.

The company has three divisions. The pop side, created in 2008, includes Pink Floyd, Iron Maiden, Phil Collins and Genesis, Mark Ronson, Daft Punk, Linkin Park, R. Kelly, Will Smith, Chet Faker/ Nick Murphy, Lionel Richie, Kaiser Chiefs, 30 Seconds To Mars, Billy Ocean. Sammy Cahn and MIA.

Rodgers & Hammerstein, founded in 1943, handles the classic ever-revived Broadway hits of the duo such as The Sound of Music (which today makes more money than it did when it was released 50 years ago), South Pacific, Oklahoma!, Carousel and The King and I.

It also represents legendary composers Irving Berlin, Lin-Manuel Miranda, Stephen Schwartz, Rodgers & Hart, and Kern & Hammerstein.

Boosey & Hawkes, founded in 1930, oversees the classical department, including Igor Stravinsky, Aaron Copland, Benjamin Britten, Sergei Rachmaninoff, Sergei Prokofieff and Richard Strauss.

The upcoming centennial of Leonard Bernstein has over 1,000 events already announced.

Pascucci says: “These are precious copyrights – they represent some of the best music ever created and we are proud to have an opportunity to represent them to the world.”

Reports have Imagem fetching between $500 million and $600 million in the deal.

This means that Concord will be eyed by major investors now wanting to buying into the music industry considering that streaming has introduced sector growth.

Concord has made 100 acquisitions in the last few years, and is confident that its new status will allow it to join the “big boys: at the table and strike better deals to develop into a full-service company.

Concord is owned by Barings Alternative Investments, Sound Investors and 70 institutional and individual partners.

It has two divisions: Concord Music Group is mostly recorded music while Bicycle Music focuses on publishing and rights management.