Vagrant Records Bought by BMG Chrysalis
In yet another move aimed at growing its catalog of recorded masters, BMG Chrysalis US has acquired indie rock label Vagrant. Terms of the deal were not disclosed.
As part of the deal, Vagrant co-founder Jon Cohen will become evp of recorded music and oversee records released through BMG's Artist Services operation.
Vagrant's catalog includes albums from such artists as Eels, Bad Suns, Edward Sharpe and the Magnetic Zeroes, PJ Harvey, School of Seven Bells, Black Rebel Motorcycle Club, Black Joe Lewis, Blitzen Trapper and Rocket From The Crypt. Billboard estimates Vagrant's annual U.S. recorded music sales volume at about $5 million.
“The acquisition of Vagrant Records is another milestone for BMG in the US as we build scale and capabilities in the recordings business just as we have in music publishing," BMG Chrysalis North America president of marketing and creative Laurent Hubert said in a statement. "Jon Cohen has built an impressive team at Vagrant, and with the support of BMG and its international infrastructure, we believe they will offer an unbeatable service both to Vagrant artists and to BMG’s Artist Services signings.”
When Bertelsmann announced its financial results, insiders told Billboard that BMG will invest upwards of 100 million euro to concentrate in the next months on recorded music by buying labels and stars' catalogues. In September BMG Chrysalis UK acquired another indie label, Infectious Music.
"While new technologies and ways of working continue to prove challenging to established players, BMG will continue to invest in the future of the music business, one which puts the interests of artists and songwriters at the very forefront," BMG CEO Hartwig Masuch said in a statement.
“It is impossible not to be impressed by what BMG has achieved in the US since it opened in the US just five short years ago," Vagrant's Cohen said in a statement. "Together with the rest of the Vagrant team, I look forward to further growing BMG’s presence in the recordings business.”