Sony Music Entertainment has made yet another major acquisition – this time in the world of US hip-hop and pop music – by buying a majority stake in Todd Moscowitz’s Alamo Records.
New York-based Alamo was founded in 2016 and has broken artists including Blackbear, Lil Durk and Rod Wave.
Update: MBW’s sources tell us the deal was for a nine-figure sum, and that Sony paid comfortably north of $125 million. We’re told Universal Music Group had a contractual first-option to buy the label, but agreed to let it go elsewhere.
Lil Durk and Rod Wave have each scored their first No.1 albums on the Billboard 200 this year with The Voice of the Heroes and SoulFly, respectively.
As a result of the Alamo majority-acquisition, Alamo’s existing roster and catalog will become what Sony calls a “new frontline creative center” within SME.
Alamo will continue to sign, develop and market its own roster of artists under the leadership of Moscowitz as CEO.
He has always been a visionary in an area of music that is now front and center of pop culture globally so we are delighted to add his experience and expertise to our creative strategy. We welcome him, his artists and his team to Sony Music and will provide all the partnership he needs to take the label to even greater heights.”
Said Moscowitz, founder and CEO of Alamo Records, “I decided to partner with Sony Music because Rob and the team showed their deep understanding of entrepreneurship.
“Being competitive in this marketplace requires being fluid, fast and innovative and I have tremendous confidence that Alamo and our artists will get the support from Sony Music to take our entire company to the next level.”
Over the course of his career, Moscowitz has worked with artists including Common, Young Thug, Fetty Wap and Gucci Mane.
Before founding Alamo, Moscowitz co-founded the independent record label 300 Entertainment and has previously served as CEO of Warner Bros. Records, President of Asylum Records, and held multiple leadership roles for Def Jam Recordings.Music Business Worldwide