Chrysalis Records has signed a global distribution deal with Kobalt Label Services.
The news comes two months after Warner sold Chrysalis Records as part of a $200m+ indie-bound divestment package – a condition of WMG’s 2013 buyout of the Parlophone Label Group.
Chrysalis relaunched as an independent label in June, having been bought by Blue Raincoat Music – run by Jeremy Lascelles and Robin Millar CBE.
The agreement saw the co-founder and original owner of Chrysalis, Chris Wright CBE – a partner and financial backer of Blue Raincoat – reunited with the label.
Today’s news comes four months after Chrysalis’s now-sister publishing company, Blue Raincoat Songs, inked a worldwide administration agreement with Kobalt.
The Chrysalis Records acquisition represented another chunk of an agreed $200m+ divestment package of Warner-owned recorded music assets going to the independents.
Warner is believed to have agreed to sell on recordings worth around a third of the value of its £487m ($765m) buyout of PLG in 2013.
In July, Chrysalis itself appeared to have raided the Warner/Parlophone divestment vault for some significant catalogue.
The masters of Suzi Quatro, Steve Harley and Cockney Rebel, Fun Lovin’ Criminals and Athlete were acquired by the newly-independent label.
Effective immediately, the KLS deal – ruminated by MBW last month – will see Kobalt provide global distribution services to Chrysalis and its catalogue.
Richard Sanders, President of Kobalt said: “We’ve known Jeremy, Robin and Chris for many years and have always admired their work and overall contribution to the industry and to so many artists’ careers.
“Blue Raincoat Songs and Chrysalis Records are ideal partners for Kobalt as their core values of ‘artist-first’ align perfectly with ours.”
richard sanders, kobalt
“Their catalogue is rich with exceptional talent and both Blue Raincoat Songs and Chrysalis Records are ideal partners for Kobalt as their core values of ‘artist-first’ align perfectly with ours.”
Paul Hitchman, President of Kobalt Label Services, commented: ”The combination of the legendary Chrysalis catalogue, Jeremy and Robin’s deep knowledge of music, and Kobalt’s cutting edge technology and services platform is the basis for a very exciting partnership.
“We can’t wait to get started on maximising the potential of the Chrysalis catalogue and working closely with Jeremy, Robin and the Chrysalis team on building the label for the new music business.”
Lascelles and Millar stated in a joint quote: ”From the outset of our discussions, Kobalt’s desire to be in business with us was both flattering and utterly persuasive.
“In the past, we have seen Kobalt as a competitor. We are now thrilled to have them as a partner. As a company, they are true industry innovators.”
jeremy lascelles and robin millar
“In the past, we have seen them as a competitor. We are now thrilled to have them as a partner. As a company, they are true industry innovators. We expect this to be the start of a long and beautiful relationship.”
Pictured L-R: Robin Millar, Jeremy Lascelles, Chris Wright and Robert Devereux
Music Business Worldwide