The Beggars Group has finalised a 50% acquisition of US independent Matador Records. As part of the deal Beggars will move its US offices to Matador's Manhattan base. Matador, whose roster includes Jon Spencer Blues Explosion, Guided By Voices, Mogwai, and Yo La Tengo, have relied on a couple deals with major labels in the past. EMI’s Capitol owned 49% of the company between 1996 and 1999, and prior to that the company had a distribution tie up with Atlantic. The Beggars deal should be more attractive for the Matador team however, leaving, as it does, existing bosses Chris Lombardi and Gerard Cosloy in charge.
Beggars CEO Lesley Bleakley told reporters: "It is going to be a great opportunity to be working with both the artists and the staff at Matador. I am looking forward to the upcoming challenge. The heart and soul of Matador parallels the core philosophy held at the Beggars Group, fiercely independent and artist friendly. I anticipate that the new company will be one of the strongest leading forces in the modern independent sector."
"We are thrilled to be working within such a terrific company," Matador’s Lombardi added. "All of us are looking forward to work side by side with Martin Mills (Beggars founder and chairman), Lesley, and the rest of the Beggars staff. Our ability to expand the scope of our distribution in Europe as well as to supplement our US catalogue through our Matador Direct retail department is truly exciting. It should be a very impressive line, making Matador Direct and the enhanced Beggars Group a force to reckon with."