Concord Bicycle Music has launched a new company with US indie Razor & Tie – and acquired a significant stake in the JV.
The purchase is the latest move in Concord’s acquisition drive since it received $100m additional investment in April.
The firm, which operates across labels and music publishing, is a portfolio company of Wood Creek, an investment manager with over $2.5 billion in committed capital.
In May, Concord swooped for Fearless Records and Wind-Up Records in a double acquisition.
Concord Bicycle Music and Razor & Tie have now signed a worldwide agreement that will see them both form a new JV, Razor & Tie Enterprises LLC.
In addition, Concord Bicycle Music will administer Razor & Tie Music Publishing, plus provide strategic resources and support the further expansion of the Kidz Bop brand.
Concord Bicycle will provide these services through both its publishing division, Bicycle Music, and its recorded music division, Concord Music Group.
“This partnership maintains our independence and autonomy and provides us with the strategic support to take Razor & Tie to a different level.”
Cliff Chenfeld & Craig Balsam, Razor & Tie
Razor & Tie founders Cliff Chenfeld and Craig Balsam will continue as co-CEOs of the new company, based out of their Greenwich Village offices.
“I have known and respected Cliff and Craig for almost 25 years,” stated Concord Bicycle Music CEO, Scott Pascucci.
“They have shown remarkable focus and creativity in building Razor & Tie into the company that it is today. We are excited to be their partner as they continue to grow and expand the company.”
Cliff Chenfeld and Craig Balsam stated: “We are thrilled about our new venture with Scott and his outstanding team at Concord Bicycle Music.
“This partnership maintains our independence and autonomy and provides us with the strategic support necessary to take Razor & Tie and Kidz Bop to a completely different level. We are energized and ready for the challenge.”
Since its formation in 1990, Razor & Tie’s roster has included established and developing artists such as The Pretty Reckless (pictured), All That Remains, Starset, The Sword and Red Sun Rising.
Its kids music brand, KidzBop, has sold over 15 million albums since its debut in 2001 and has expanded significantly to include a national tour, the branded SiriusXM channel 77 “Kidz Bop Radio”, a growing digital presence as well as licensed merchandise, and music videos.
Razor & Tie Music Publishing has scored numerous multi-platinum and #1 hits, with representatives in New York, Los Angeles and Nashville.Music Business Worldwide