Concord has confirmed that it has acquired much of the catalogue of HitCo Entertainment, the most recent music business run by record industry veteran LA Reid.
Reid launched HitCo following his somewhat sudden departure from Sony Music in 2017, it using the same name as a music publishing company he'd set up in the 1990s.
A joint venture with another former major label exec, Charles Goldstuck, the new HitCo signed the likes of Saint Jhn, Dixie D’Amelio and Rubi Rose, as well as collaborating with various artists Reid had worked with in his previous roles, including OutKast’s Big Boi, Fifth Harmony’s Dinah Jane and Jennifer Lopez.
Reports of a deal between HitCo and Concord first circulated last month. In a statement last week, Concord confirmed that that deal had now been finalised and that it had acquired "certain assets" from HitCo, including most of its recordings catalogue.
The statement read: "Concord has acquired certain assets of HitCo Entertainment, including (with limited exclusions) its entire sound recording catalogue and certain recent releases from the leading hip-hop and contemporary-focused record label".
"The catalogue", it went on, "includes releases from an impressive collection of artists, including Saint Jhn, Big Boi, Dinah Jane from Fifth Harmony, Jennifer Lopez, Yella Beezy, TikTok phenom Dixie D’Amelio and Rubi Rose".
Concord has not acquired the HitCo brand, and Reid and Goldstuck will not be joining the company as part of the deal. However, it's thought that some HitCo employees will be working with Concord, in the short term at least, as it takes over the management of its newly acquired catalogue.