Compendia Acquisition In The Works

Sheridan Square, owner of Artemis Records and Musicrama, is on the verge of acquiring the Compendia Music Group, according to sources.

NEW YORK -- Sheridan Square, owner of Artemis Records and Musicrama, is on the verge of acquiring the Compendia Music Group, according to sources.

Compendia -- which was formed from Platinum Entertainment assets in the wake of that company's 2000 Chapter 11 filing -- is expected to have net sales of $9 million-$10 million this year. The company's owner, financial firm Dominion Resources, has been shopping the label since early summer.

Sheridan Square is a unit of Redux Records, which was formed by former Alliance Entertainment executives Joe Bianco and Anil Narang to roll up independent label catalog.

Compendia will serve as Sheridan Square's Nashville presence, and will continue to be overseen by label president Michael Olsen, sources suggest.

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