Confirmed: Concord acquires the assets of the Hitco Entertainment label

Concord has acquired what it says are “certain assets” of Hitco Entertainment, “including (with limited exclusions) its entire catalog of sound recordings and certain recent releases”.

The company’s confirmation of its deal for the Los Angeles-based hip-hop and pop label confirms an article by Variety last month, which, citing multiple sources, reported that the music company had been sold at Concord.

Hitco Entertainment is a Los Angeles-based independent record label founded in January 2018.

The company was co-founded by former Epic Records boss LA Reid and entrepreneur Charles Goldstuck.

The firm’s artist signings include Outkast’s Big Boi and Fifth Harmony’s Dinah Jane, as well as SAINT JHN and Yella Beezy.

SAINT JHN enjoyed major success in 2019 and 2020 with his hit single Roses, which – via a remix by Imanbek – reached No. 4 on the Billboard Hot 100 in the US and topped the charts in Australia, Canada, New Zealand and the UK.

In addition to its headquarters in Beverly Hills, Los Angeles, Hitco Entertainment maintains US offices in New York and Atlanta, Georgia.

Concord’s acquisition of the HitCo label assets follows last month’s announcement of its eight-figure acquisition of Australia and New Zealand-based music publisher Native Tongue.

MBW also understands that Concord is in the running to acquire Pink Floyd’s catalog.

Concord spent about $1 billion on acquisitions in its first 14 years of business.

He then spent two nine-figure sums to acquire a majority stake in Pulse Music Group in 2020, then in the publishing catalog Imagine Dragons, before acquiring the copyright portfolio of Downtown for $400 million, in 2021.

MBW recently interviewed the CEO of Concord, Scott Pascucciand president, Bob Valentineon the company’s return to the music M&A market, as well as the company’s decision to turn down a $5 billion acquisition offer.The music industry around the world