Concord Buying Fantasy Records

Catalog label had been up for bid since February.

L.A.-based Concord Records has won the auction for Fantasy Records, beating out at least four other bidders, according to sources.

However, the sources are divided as to the amount of the winning bid, citing figures from $85 million to $91 million.

Final bids were due June 3, and the winner was selected June 9. New York-based Harris Nesbitt Gerard represented Fantasy in the proceedings.

Berkeley, Calif.-based Fantasy was put up for sale in February by its owners, a group led by label chairman Saul Zaentz. A catalog label that includes all the Creedence Clearwater Revival records and material by many jazz and soul greats, Fantasy had total revenues in 2002 of about $30 million.

Concord, which is owned by an investment group led by television producer Norman Lear, will now proceed to final due diligence in order to close the deal.

Fantasy had no comment; Concord did not return calls.