Interscope Geffen A&M announced Monday that it will acquire the remaining 50% share of the A&M/Octone joint venture from Octone Records. Formed in 2007, the joint venture was scheduled to conclude in mid-2014.
Octone’s year-to-date album plus track equivalent albums (TEA) market share as of Sept. 29 was 0.58%. That’s down from the 0.73% the company posted last year for the corresponding nine-month period.
The label’s roster includes Maroon 5, K’Naan, Flyleaf, Hollywood Undead, Hunter Hunted, the Knocks, Churchill, Bombay Bicycle Club, Drop City Yacht Club, Kat Graham and We Are Twin.
Throughout the joint venture James Diener has served as CEO/president of A&M/Octone Records.
“James and everyone at A&M/Octone created a fantastic home for their artists, and their commitment to that roster has been unparalleled,” John Janick, president/COO of Interscope Geffen A&M, said in a statement. “We wish James nothing but the best as he embarks on his next venture.”
Diener added, “On behalf of the entire A&M/Octone executive team, I want to extend sincere thanks to Jimmy Iovine, John Janick and Interscope Geffen A&M for an incredible partnership over the past six years. We are also indebted to Lucian Grainge and the worldwide Universal Music family, who took exceptional care of our artists and projects throughout the relationship.”