Back in March, MBW revealed that French independent label Naive was up for sale.
Now, it’s been acquired by Believe Digital, after falling into receivership earlier in the summer.
MBW sources tell us that Believe pipped Sony to the deal, and was looked upon favourably by Paris’s Commercial Court because it agreed to take on 25 staff.
The fee paid by Believe is believed to be just over $12m (€11m).
Naïve, founded by Patrick Zelnik in Paris, dubs itself ‘a haven for eclectic and non-conformist artists‘.
It has both a classic/jazz catalogue and a pop roster in France, which includes the likes of M83, Anthony Joseph, Marianne Faithfull, We Have Band, The Dandy Warhols and Liars.
Naïve, which was founded in 1997, has also released records by the likes of Asian Dub Foundation, Jude, Pink Martini and Serafin.
Believe Digital last year closed a $60m funding round from Technology Crossover Ventures (TCV) and XAnge.Music Business Worldwide