(Bloomberg) — Warner Music Group Corp. agreed to buy 300 Entertainment, an independent record label whose artists include Megan Thee Stallion, Young Thug and the recently signed Mary J. Blige.
300 was co-founded by former Warner executives Lyor Cohen, Kevin Liles and Roger Gold. It’s most known for its hip-hop artists. Liles will continue as chief executive officer, presiding over a collection of Warner labels as part of its Elektra Music Group, the company said in a statement Thursday.
Financial terms weren’t disclosed, although a person with knowledge of the matter put the price at about $400 million. Music from 300 was already distributed by Warner’s Atlantic records unit.
The music industry is in a period of consolidation, driven by surging revenue from subscription-based services such as Spotify and renewed interest in the business from the investment community. Sony’s music division agreed to buy Bruce Springsteen’s song catalog for a reported $500 million this week.
Separately, Netflix Inc. announced a deal with Megan Thee Stallion that will give the streaming giant a first shot at any TV projects she develops. Music-themed productions, from the Beatles to Beyonce, have become a popular form of programming for video streaming services as they look to build their subscriber bases.
(Updates with terms in third paragraph, Netflix deal in last.)
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