Paris-headquartered music company Believe has acquired a 51% stake in France-based Jo&Co, which, it says, is one of the country’s “leading independent pop and mainstream record labels”.
Jo&Co’s founder Sébastien Saussez will continue managing the label.
Believe says the acquisition of the stake in Jo&Co serves to diversify its roster and also consolidates its position in France which, it notes, is the world’s sixth largest music market.
Today’s news comes just two months after Believe announced the acquisition of a 25% stake in another prominent French indie label, Play Two.
It is also marks the fourth independent company that Believe has acquired a stake in over the past two months, having snapped up a 76% stake in South India-based Think Music for €13 million (approx. $14.6m) and a 15% stake in Philippines-based Viva Music and Artists Group (VMAG) for €23 million (approx. $26m).
Specialized in pop and mainstream music, Jo&Co works with artists such as Claudio Capéo, Hoshi, Les Frangines, and Gjon’s Tears.
According to Believe, in only a few years, “the label has built up a quality roster and acquired a strong reputation as one of the pre-eminent French independent labels”.
Believe will also now handle the distribution of all the label’s artists. In addition, Believe will work with the label’s artists to develop their branding and live activities.
Believe listed on the Paris Euronext stock exchange in June 2021.
The company currently carries a market cap of €1.716 billion, or approximately $2 billion
“This merger comes at a time when pop and mainstream music are rapidly moving towards digital in France.”
Romain Vivien, Believe France
Romain Vivien, Managing Director at Believe France, said: “I am delighted about this deal with Jo&Co, a label that Sébastien Saussez has successfully established as one of the key independent players in the French market in a matter of just a few years.
“This merger comes at a time when pop and mainstream music are rapidly moving towards digital in France.
“We will do our utmost to ensure that our alliance affords Jo&Co the opportunity to draw from our expertise and a transforming marketplace to develop its business even further”.
“I can’t wait to bring out new talents together in France and also internationally, an ambition we share.”
Sébastien Saussez, Jo&Co
Sébastien Saussez, Jo&Co founder added: “I am thrilled to set my label on a new journey with a company as innovative and successful as Believe. ‘Believe’ means to have faith, trust and confidence, my core philosophy in this industry: to believe in and support artists as closely as possible to what they truly are, and help them achieve the success they deserve.
“I can’t wait to bring out new talents together in France and also internationally, an ambition we share.”Music Business Worldwide