Hamburg-based Edel AG has sold its 51% stake in the Scandinavian independent label and distribution company Playground Music to Playground's CEO Jonas Sjöström.

Edel CEO Michael Haentjes said the sale is representative of the company's new strategy.

"During the past years, Edel AG has changed its strategy," he said in a statement. "The company will be systematically formed into a full service entertainment company. We decided to concentrate our music activities only on a few European territories."

Stockholm-based Playground was founded 10 years ago and had million sellers such as the pop-rock act the Rasmus. In Scandinavia, Playground also has the distribution for independent labels such as Beggars Banquet, Domino, Eagle, Edel, and Naïve.

"In the past ten years Edel was a great partner," said Sjöström in a statement. "Without the support of Michael Haentjes, Playground would never have been founded. Now we are entering into a new decade and I am looking forward to new possibilities and challenges."