Music firm Concord has announced its latest acquisition: Chicago-based independent label Victory Records, including the catalogue of its sister company Another Victory Publishing. The deal was for an undisclosed amount, although Billboard’s guess at the price is $27m-$34m.
Victory’s focus has been on punk, metal and emo music, and it has built a catalogue of more than 4.5k recordings and 3.5k songs, which will now be part of Concord’s Craft Recordings catalogue division. Victory founder Tony Brummel is staying independent, with his staff, initially to work on “assisting with on-boarding Victory’s catalog and royalty payments onto Concord’s platform” before plotting their next move as an independent company. “Doing the deal is going to give me the option to do other things, including possibly buying some smaller labels,” he told Billboard. “There are three things that I will invest in out of the box and they are all music related.”
Victory Records, you may remember, made headlines in 2015 when its catalogue was pulled from Spotify due to a dispute over publishing royalties – a precursor to two high-profile lawsuits later filed against Spotify by musicians David Lowery and Melissa Ferrick.