Celebrity talent manager Scooter Braun agreed to buy Big Machine Label Group, gaining the six albums Taylor Swift has released to date and a lineup of artists including Reba McEntire, Sheryl Crow, Florida Georgia Line, Thomas Rhett, Rascal Flatts and Lady Antebellum.
Braun is founder of entertainment and media company SB Projects, which represents Justin Bieber and Ariana Grande, among other notable celebrities.
Scott Borchetta, who founded independent record label Big Machine, will join the board of Braun’s closely held Ithaca Holdings, acquire a minority interest in Ithaca and remain president and CEO of Big Machine, the companies said in a statement Sunday.
The Carlyle Group, which initially invested in Ithaca in 2017, is supporting the transaction, alongside Braun and Ithaca, through an additional equity investment by way of its Carlyle Partners VI fund, according to the statement.
“Carlyle will remain a minority shareholder in Ithaca and continue to support the combined company’s growth strategy with Jay Sammons, head of Carlyle’s Global Consumer, Media and Retail team, remaining on Ithaca’s Board,” the companies said in the statement.
The size of the deal wasn’t disclosed, but the Wall Street Journal reported earlier that it would be more than $300 million, citing unidentified people familiar with the matter.
Pictured: Music Label Executive Scooter Braun
Source: The Mercury News