The world’s largest independent music companies combine to form a formidable music group. This deal is no ordinary deal since Concord Music Group — home to Paul McCartney and Paul Simon, has paid $120 million for this huge deal. Concord has announced Wednesday that it had acquired the two record labels, Vanguard and Sugar Hill.
The two record labels Vanguard and Sugar Hill are being sold by the Welk Music Group. These acquisitions will add to Concord’s already amazing collections of folk and country music. Vanguard has been one of the world’s leading labels when it comes to folk music. In its heyday during the 1950s and ’60s, it has released albums by the most popular artists of these times such as the Weavers, Joan Baez and Buffy Sainte-Marie. Vanguard’s current artists are the Indigo Girls and Chris Isaak. On the other hand, Sugar Hill was started in 1978 with formidable artists such as Dolly Parton and Sarah Jarosz.
These acquisitions will provide Concord control of most of Welk’s catalog. The terms of the transactions were not disclosed; however the giant record label said that Kevin Welk, the company’s president, would remain as the chief creative of Vanguard and Sugar Hill.
Concord began in 1972 as a jazz label is concentrated with adult audiences. It has a super collection of about 10,000 albums which includes the music of Creedence Clearwater Revival, Stax and Rounder.
Concord also mentioned in its announcement that it was merging with Bicycle Music, an affiliated music publisher, to form Concord Bicycle Music. The two companies have a variety of shared investors and this includes Wood Creek Capital Management. Wood Creek Capital took control of Concord in 2013 as part of a deal estimated at $120 million.
Billboard magazine has estimated that the combined Concord Bicycle Music would have annual revenue of $125 million.
Concord Music Group is a wholly owned independent music company with headquarters in Beverly Hills, California. It has a world-wide distribution through Universal Music Group. Concord Music Group’s active roster includes Paul McCartney, James Taylor, Chick Corea, Alison Krauss, Ben Harper, Esperanza Spalding, Christian Scott, Arturo Sandoval, Booker T. Jones, Kenny G, George Benson, Steve Martin and Alejandro Escovedo. The company’s master catalog recordings include John Coltrane, John Fogerty, Frank Sinatra, Creedence Clearwater Revival, Ray Charles, Miles Davis, Little Richard, Otis Redding, Thelonious Monk, Isaac Hayes, Ella Fitzgerald, Tony Bennett and Albert King.
About Vanguard Records
Vanguard Records is a record label set created in 1950 by brothers Maynard and Seymour Solomon in New York. It started as a classical label, but is perhaps best known for its catalogue of recordings by pivotal folk and blues artists from the 1960s; the Bach Guild was a subsidiary label. The label was acquired by Concord Bicycle Music in April 2015.
Sugar Hill Records
Sugar Hill Records is an American bluegrass and Americana record label. It was founded in Durham, North Carolina in 1978 by Barry Poss with assistance from David Freeman, the owner of County Records and Rebel Records. Poss acquired full control of Sugar Hill in 1980 and owned the label until 1998, when he sold it to the Welk Music Group, owner of Vanguard Records. Poss stayed on as president, and in 2002 was promoted to chairman.
Sugar Hill remained in Durham until 2007, when Poss moved the label to Nashville, Tennessee. Among the many popular artists of Sugar Hill are Nickel Creek, Doc Watson, Townes Van Zandt, Ricky Skaggs, Guy Clark, Sam Bush and Dolly Parton. One of Parton’s albums for Sugar Hill, Halos & Horns (2002), included a song called “Sugar Hill”, which she wrote as a tribute to the label. In 2008, Welk Music Group appointed EMI as distributor of its labels including Sugar Hill. The label was acquired by Concord Bicycle Music in April 2015.
About Bicycle Music Company
The Bicycle Music Company is a globally influential independent music publisher, record label and rights manager. The company is committed to innovative marketing, creative and administrative practices, promoting exceptional growth on behalf of their songwriters, recording artists and investor partners. Bicycle Music Company is quick to identify opportunity in both hit songs and hidden gems, and provide personalized support to help songwriters and recording artists find greater success in the music and media landscape. The company has a diverse catalog which spans genres, territories and eras and builds an emotional connection with consumers of film, television, terrestrial and satellite radio, interactive games, recordings, downloads and streaming services. Bicycle Music Company influences music users around the globe, and provides thoughtful, personal attention to their songwriters, recording artists and clients. It was founded in 1974 and is continuously innovating till this day.