Earlier this year, reports claimed that music company 300 Entertainment might be up for grabs in a $400m sale. Well, the figure remains a matter of speculation, but the deal has been done. “The rumors are true… we’re acquiring 300 Entertainment,” wrote Warner Music Group’s CEO of recorded music Max Lousada in an email to colleagues yesterday.
WMG was an obvious suitor for 300, given that the two companies had been working together (via a distribution relationship) since the independent label launched in 2013.
Kevin Liles will remain as CEO of 300 under WMG’s umbrella, while taking a similar role for its Elektra Music Group arm. “Both Elektra and 300 will retain their separate identities, and their teams will continue to occupy their separate offices,” wrote Lousada.
We’ll be interested to see what happens to Sparta, the AWAL-style invitation-only distributor arm launched by 300 in June.