Concord says that with this completed acquisition, it plans to more fully integrate Razor & Tie's business lines into its overall operations while developing those properties it has established -- specifically Kidz Bop.
Razor & Tie was founded in 1990 by Cliff Chenfeld and Craig Balsam, who met as students at New York University and formed the label while working as attorneys. They will continue as co-CEOs for Razor & Tie through the middle of 2018 and are expected to remain connected to Concord Music through various music-related business ventures thereafter.
"It was always understood between Cliff Chenfeld, Craig Balsam, and the Concord team that Concord would eventually purchase the remainder of the company at some point after our initial investment in 2015," said Concord Music COO Glen Barros in a statement. "We mutually and amicably decided that the time was right to do this now."
The move comes as the latest purchase in what's been a spending spree for Concord. After Wood Creek Capital Management purchased the company in 2013 for $120 million and in 2015 the label merged with sister publishing company Bicycle Music in 2015, Concord went on to buy record companies Fearless, Wind-Up, Sugar Hill, Vanguard and the Savoy Label Group, and form a joint venture with Loma Vista, as well as Razor & Tie in the deal mentioned above. While investing further in its Fantasy, Concord and Rounder labels, it also bought the Mexican indie Musart's publishing and master catalog and selected catalog titles from Warner Bros. and Victory, partnered with Andrew Lloyd Webber's Really Useful Group and struck a worldwide licensing deal with R.E.M.
"Starting four or five years ago, we were very optimistic about the changes that were going to happen in the business as streaming took hold, and that belief was underscored by our acquisitions over the last few years," Concord CEO Scott Pascucci told Billboard last year. "There weren't a lot of other people going after active labels and bringing them in and scaling up the recorded music business. We did that very consciously and aggressively. We were a couple of years ahead of people in that optimism and [were] willing to bet on it."