Sony Music has acquired a significant holding in Cooking Vinyl Australia, in a deal which the major says will create a “dynamic partnership” with the business.
Cooking Vinyl Australia was formed in 2013, and co-owned by its joint Managing Directors, Leigh Gruppetta and Stu Harvey (pictured), in partnership with London-based Cooking Vinyl (UK) and its founder Martin Goldschmidt.
MBW understands that the new deal sees Sony become the biggest single shareholder in the Melbourne-based company – but Gruppetta, Harvey and Goldschmidt all retain stakes in the firm.
Sony says that Cooking Vinyl Australia will ‘continue to operate as an autonomous and stand-alone company’.
As a result of the deal, the firm’s recordings will be distributed on a worldwide basis by The Orchard.
The news comes just days after Sony Music’s Asia Pacific team announced the launch of a joint venture label with Tencent Music Entertainment (TME) in China.
Denis Handlin, chairman & CEO, Australia & New Zealand and president, Asia, Sony Music Entertainment, commented: “Cooking Vinyl Australia is an incredibly talented team and we are delighted to be starting 2018 with this dynamic partnership. This venture will further expand Sony Music’s diverse roster of local and international artists and releases and we are looking forward to an exciting future with Leigh, Stu and the team.”
“Cooking Vinyl Australia is an incredibly talented team and we are delighted to be starting 2018 with this dynamic partnership.”
Denis Handlin, Sony Music
Leigh Gruppetta, co-managing director, Cooking Vinyl Australia, commented, “We are thrilled about what the future holds as we enter this next phase of the business.
“The opportunity to further grow and develop the careers of our artists and partner labels has just received a massive shot in the arm. The faith shown in us by Denis and his team is humbling. Stu and I look forward to a long and prosperous partnership.”
Cooking Vinyl Australia represents a variety of labels in Australasia including Cooking Vinyl UK, as well as Dine Alone, Fat Cat, Epitaph/Anti, Greyscale, Resist, Run For Cover, SideOneDummy, Thirty Tigers and Triple Crown Records.
Its 2017 release schedule included new music from Against Me, At The Drive In, Belle Haven, Billy Bragg, Ceres, Citizen, Converge, Endless Heights, Food Court, Justice For The Damned, Luca Brasi, Lucinda Williams, Mavis Staples, Nahko and Medicine for the People, Polaris, Propagandhi, Slaughter Beach, Dog, Son Little, Sorority Noise, The Bronx, The Darkness, Turnover and Wheeler Walker Jr.
Its Oz chart successes include an ARIA #1 debut for Parkway Drive and Top 10 debuts for Polaris, Kate Miller-Heidke, City and Colour, Marilyn Manson and The Prodigy.Music Business Worldwide