As anticipated, Warner Music Group has acquired 300 Leisure, residence to Megan Thee Stallion – who received Finest New Artist at this 12 months’s Grammy Awards — Younger Thug and his label Younger Stoner Life, Gunna, Fetty Wap, Extremely Suspect, the newly signed “Queen of Hip-Hop Soul” Mary J. Blige, and others.
Since its launch practically a decade in the past, 300 has been distributed by Atlantic Data, and the acquisition “represents the enlargement of an already profitable partnership,” the announcement states. Phrases of the deal weren’t disclosed, however sources have positioned it at round $400 million.
300 co-founder and CEO Kevin Liles will probably be appointed chairman & CEO throughout 300 and Elektra Music Group, which was established as a stand-alone label group by Atlantic a number of years in the past. Elektra Music Group, which encompasses Fueled By Ramen, Roadrunner Data, Low Nation Sound, DTA Data, and Public Consumption, will proceed to be headed by co-presidents Mike Easterlin and Gregg Nadel, who will report back to Liles.
Liles has a protracted historical past with Atlantic co-chair and COO Julie Greenwald; the 2 — pictured above, middle and left, with Warner recorded music CEO Max Lousada on the suitable — labored collectively for a few years at Def Jam, the place Liles was president, in addition to Warner Music Group, the place he was EVP. Additionally they labored carefully at these firms with Lyor Cohen, who co-founded 300 in 2013 with Liles and fellow former Warner execs Roger Gold and Todd Moscowitz. Liles has additionally labored extensively as an artist supervisor — overseeing the careers of Mariah Carey, D’Angelo and Trey Songz at numerous instances — and commenced his music profession as an artist within the Baltimore-based DJ crew, Numarx.
In keeping with the announcement, 300 will retain its impartial id, and the whole thing of its crew will proceed to occupy separate headquarters in New York.
Lousada mentioned, “At Warner Music, the impartial spirit is a part of our story, our DNA, and our imaginative and prescient. We’re creating the setting for unique artists, entrepreneurs, and labels to pioneer the way forward for music. The 300 crew has constructed a unprecedented model, attracted a dynamic group of artists, and led the best way for a brand new technology of labels. We’ll carry their artists and crew an entire universe of alternatives to ignite passionate fanbases and develop long-term careers. We’re very completely satisfied to welcome 300 totally into the Warner group of labels, and Kevin to his new function on our senior administration crew.”
Liles mentioned, “At 300, we’re all about freedom – the liberty to create, the liberty to be intrapreneurs and entrepreneurs, the liberty to make music that adjustments the world. Independence is in our DNA and the crew at Warner is like household, which makes this a pure evolution for us to do greater household enterprise. It’s the proper residence for 300 artists and our crew, as we spend money on our impartial imaginative and prescient and develop our world affect. Max, Julie, Gregg, and Mike – these are leaders we all know and belief. They perceive the worth we place on independence, individuality, and creativity. We’re going to perform superb issues collectively and take our artists and labels to an entire new world stage.”
Cohen mentioned, “Fantastic to see a good suggestion realized. 300 is a lifestyle and is in superb fingers.”
Greenwald mentioned, “I’ve loved working with Lyor and Kevin for over 30 years. I can’t thank Lyor sufficient for all the pieces, together with entrusting us with 300. I’m excited we’re shifting ahead with Kevin – he’s all the time fascinated with the long run, particularly the way forward for his artists and the way forward for his firm, and the way to make sure they thrive and affect tradition. Since we launched EMG as a stand-alone label group in 2018, Mike and Gregg have been pushed by an adventurous spirit, they usually’ve achieved an unimaginable job creating sensible artists and constructing a unbelievable crew. By bringing 300 into the fold, we’re creating a really multi-genre operation designed to draw and nurture famous person expertise throughout the musical spectrum.
Easterlin and Nadel mentioned, “The entire labels within the Elektra household had been based by entrepreneurs who’re keen about music and all the time put their artists first. That philosophy drives all the pieces we do, and we all know that Kevin and the crew at 300 are reduce from the identical material. We’re trying ahead to placing our heads and hearts collectively and delivering for our phenomenal expertise.”
The next individuals suggested 300 on the deal: Aryeh B. Bourkoff and James Lindsay at LionTree LLC; David C. Eisman and Glen G. Mastroberte at Skadden, Arps, Slate, Meagher & Flom LLP; and Neil S. Goldstein at Robinson Brog Leinwand Greene Genovese & Gluck, P.C.