Concord Bicycle Music has acquired an equity interest in AEG’s live event production arm, Bounce.
The move marks the latest in a string of deals at Concord, which is backed by Wood Creek, an investment management company with over $2.5bn in committed capital.
Tim Swift will remain CEO of Bounce, which will be run as a joint venture between Concord Bicycle Music (CBM) and AEG. The latter maintains a controlling stake.
Bounce considers its core business as providing production services to corporate, music-industry and broadcast clients.
It says that a combination of AEG’s global reach and CBM’s music and artist portfolio can help grow its opportunities to produce and distribute content through both live events and broadcast channels, which developing platforms for CBM acts.
“Bounce has established a reputation for producing high-quality events for clients such as MusiCares, PBS, Rolex, and Chanel,” said Tim Swift, CEO, Bounce.
“This new alliance allows us to move beyond a traditional client-vendor relationship, and truly become content partners.”
“This partnership will give concord bicycle music new opportunities to serve our artists.”
Scott Pascucci, CBM (pictured, main)
Bounce and AEG have successfully collaborated on past projects featuring artists on Concord labels including James Taylor, Paul McCartney and Carole King among others.
It is expected that under the new structure, new broadcast and other media opportunities can be developed to benefit both Bounce clients and CBM artists.
“We are very excited to be working with Bounce and AEG,” said Scott Pascucci, CEO, CBM.
“Our strategic partnership will give Concord Bicycle Music new opportunities to serve our artists and extend our reach into high-profile events and broadcast programming.”
AEG will maintain a controlling interest of the company’s Board, which will be comprised of three members designated by AEG, in addition to Swift, and two members designated by CBM.
Concord received $100m additional investment in April last year.
In May, it swooped for Fearless Records and Wind-Up Records in a double acquisition.
And in October, it signed a worldwide JV with US indie Razor & Tie.
More recently, it’s done deals for the recorded music catalogues of REM and George Harrison, as well as snapping up the catalogues of Hightone and Bandit Records.Music Business Worldwide
