L.A.-based Concord Records completed its acquisition of Fantasy Records today (Nov. 24), paying what is believed to be about $83 million for the independent label. Sources say Concord will spend the next few months digesting its acquisition.
Concord, which is owned by an investment group led by television producer Norman Lear, outbid another half-dozen suitors in June for control of Fantasy. The label has since completed its due diligence and raised enough financing to close the deal.
Concord was believed to be negotiating with the Tailwind Capital Partners fund run by Boston-based Thomas Weisel Capital Management LLC to finance the deal. It is unclear if Concord and Tailwind reached an agreement, or if the label turned to an alternate source for funding.
Concord is already enjoying a great year thanks to the posthumous sales success of Ray Charles’ “Genius Loves Company,” which is certified for shipments of more than two million units.
Berkeley, Calif.-based Fantasy was put up for sale in February by its owners, a group led by label chairman Saul Zaentz.