The deal, the terms of which were not disclosed, also encompasses Savoy Label Group adult rock and alternative label 429 Records, which includes titles from Meat Loaf, Los Lobos, Robbie Robertson, Macy Gray, Dr. John, Bruce Hornsby and Boz Scaggs. Scaggs is the only artist involved in the sale who has a current contract with Savoy Label Group. He is expected to release a new album in 2018 through one of Concord Music’s labels.
Among Savoy Label Group’s classical titles are works by Dutch violinist Andre Rieu, as well as recordings from the London Symphony and Philharmonic Orchestras, Berlin Symphony, and Moscow Philharmonic.
Savoy Label Group’s previous owner, Steve Vining, has entered a multi-year consulting and production agreement with Concord Music, which may include the delivery of new recording projects to the company.
“Concord’s enormous success in many of the same musical genre’s SLG has pursued convinces me they will be outstanding stewards of both the rich catalog as well as the new recordings to come from our very talented artists,” Vining said in a statement.
Added Concord Music chief business development officer Steve Salm, who was the point person on the deal, "The addition of Savoy to Concord Music is consistent with our ongoing growth strategy, as it deepens our presence within a number of core genres. It also adds numerous classic recordings and another legendary brand to our great group of labels."
In June, Concord Music purchased the Imagem Music Group for more than $500 million, helping make Concord the world’s fifth largest integrated music company. Its recorded music portfolio, prior to this deal, includes more than 10,000 album recordings, while its publishing arm oversees more than 380,000 copyrights.