Sony Music Entertainment has made another major acquisition with the purchase of a majority stake in Todd Moscowitz’s Alamo Records – this time in the world of American hip-hop and pop music.
New York-based Alamo was founded in 2016 and has broken artists like Blackbear, Lil Durk, and Rod Wave.
To update: MBWs Sources tell us that the deal was for a nine-figure sum and that Sony conveniently paid over $ 125 million. We were told that Universal Music Group had an initial contractual option to purchase the label, but has agreed to keep it elsewhere.
Lil Durk and Rod Wave both scored their first No.1 albums on the Billboard 200 this year with The Voice of the Heroes and SoulFly.
Today’s news comes in the same half of the year Sony Music acquired companies like J. Irving’s Human Re-Sources and Kobalt’s AWAL – the latter in a $ 430 million deal.
As a result of the Alamo majority takeover, Alamo’s existing list and catalog will become what Sony calls a “new frontline creative hub” within SMEs.
Alamo will continue to sign, develop and market its own list of artists under Moscowitz’s direction as CEO.
Rob Stringer, Chairman of the Sony Music Group, said: “We are very excited to bring Todd and his label Alamo into our company.
He has always been a visionary in a music field that is now at the center of popular culture around the world, so we are happy to bring his experience and expertise to our creative strategy. We welcome him, his artists and his team to Sony Music and will offer him all the partnerships he needs to take the label to even greater heights. “
Moscowitz, Founder and CEO of Alamo Records, said, “I chose to partner with Sony Music because Rob and the team showed their deep understanding of entrepreneurship.
“To be competitive in this market, you have to be fluid, fast and innovative, and I have great confidence that Alamo and our artists will have the support of Sony Music to take our entire business to the next level.”
During his career, Moscowitz has worked with artists such as Common, Young Thug, Fetty Wap and Gucci Mane.
Prior to founding Alamo, Moscowitz co-founded the independent record label 300 Entertainment and was previously CEO of Warner Bros. Records, President of Asylum Records, and held several executive positions at Def Jam Recordings.Music business worldwide