Concord has officially confirmed its acquisition of what it calls “certain assets” of Antonio “L.A.” Reid and Charles Goldstuck‘s HitCo Entertainment, “including (with limited exclusions) its entire sound recording catalog and certain recent releases.” The deal is also expected to include some upcoming tracks from top HitCo acts Saint JHN and Rubi Rose, sources say.
Additionally, sources tell Billboard the ongoing transition does not include the purchase of the HitCo brand or the label, though Concord is working with a handful of HitCo staffers during the changeover and may continue to work with some after that is completed. Reid and Goldstuck will not have ongoing involvement, however, sources confirm.
The deal, which is worth an undisclosed amount, was first reported in August by Variety.
Launched in 2018 with OutKast rapper Big Boi as its first signee, HitCo — the reboot of an imprint Reid first started in 1996 — went on to work with acts including Jennifer Lopez, Fifth Harmony member Dinah Jane, Saint JHN, Rubi Rose, Yella Beezy and Dixie D’Amelio. Reid had a prior business relationship with many of these artists through his previous roles running LaFace, Arista, Island Def Jam and Epic Records.
Concord’s roster of labels includes Fantasy Records, Fearless Records, Easy Eye Sound, Concord Jazz, Loma Vista, Craft Recordings and Rounder Records. Combined, they gave the company a 1.66% market share in the U.S. at the midyear mark in 2022 — 13th among labels and up from 1.60% at the midway mark last year. Concord additionally boasts a publishing company as well as theatrical and other divisions. Its recorded music is distributed by Universal Music Group.
Reid, a former artist, launched LaFace in 1989 before going on to serve in top roles at Arista, IDJ and Epic. He left Epic in 2017 following an allegation of sexual harassment, about which he said at the time, “I’m proud of my track record promoting, supporting and uplifting women at every company I’ve ever run. That notwithstanding, if I have ever said anything capable of being misinterpreted, I apologize unreservedly.” Goldstuck founded J Records alongside Clive Davis in 2000 and also served as executive vp/general manager at Arista and executive vp at Capitol Records.
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Tagged: business, catalog sales, Concord, entertainment blog, Hitco, music blog, Record Labels