Main menu

Pages

LA Reid's HitCo Entertainment sold to Concord

featured image

HitCo Entertainment, the music company founded by Antonio LA Reid (pictured left) and Charles Goldstuck (right) in 2017, has been sold to Concord. variety I learned from multiple sources. Home to artists such as Jennifer Lopez, St. John, OutKast’s Big Boi, Yella Vesey, and Dixie D’Amelio, HitCo was sold through ADA.

Concord is a privately held company funded by long-term institutional capital, in addition to shareholders of Concord’s senior management, representing nearly 900,000 songs, recorded music, music publishing, theater and original productions. are trading. Headquartered in Nashville, it has offices in Los Angeles, New York, London, Berlin and Miami. Its foremost labels include Concord, Concord Jazz, Easy Eye Sound, Fantasy Records, Fearless Records, KIDZ BOP, Loma Vista Recordings, and Rounder Records. Its publishing division owns or controls over 600,000 of his copyrighted musical works, including catalogs by Benny Blanco, Sammy Cahn, Phil Collins, John Fogerty, Cyndi Lauper, Rogers and Hammerstein, and Ryan Tedder. I represent The deal only includes recorded music, according to sources.

With offices in Beverly Hills, Atlanta, and New York, HitCo’s name and business entity dates back to Reed’s early career, around 1996. A musician himself (Reid used to play drums at Deal in Cincinnati), in 1989 he co-founded his LaFace Records. Superstars such as OutKast, Pink, TLC, Toni Braxton and Usher joined his artists. Reid’s track record led to his venture with Arista on his record. Arista Records was the label that would later succeed Clive Davis as president and CEO.

Reid then ran Island Def Jam Records and played a key role in the multi-platinum releases of Mariah Carey, Justin Bieber, Kanye West and Rihanna. He returned to Sony Music in his 2011 as chairman of Epic Records. During his six-year run, Future, Travis Scott, and DJ Khaled signed to the label. In May 2017, Reed was dismissed from his job following an allegation of sexual misconduct by a female former employee. At the time he said: Nevertheless, he apologizes bluntly if he has said anything that could be misunderstood. ”

Co-Chairman of HitCo, Goldstuck also graduated from the Clive Davis School of Top Music Executives, co-founded J Records (later RCA) with industry icons in 2000, and served as EVP/GM of Arista. Among the artists under Goldstack’s authority were Rod Stewart, the Dave Matthews Band, the Foo Fighters, Justin Timberlake, Britney Spears, Sarah McLachlan, and Avril Lavigne.

When Reid and Goldstuck first launched their shop as HitCo, the company reportedly raised $75 million from private equity. The label is nearing four billion on-demand streams with his one legitimate smash hit with his Grammy-winning remix of Saint Jhn’s “Roses.” Rumor has it that he’s preparing a new album in time for the Grammy Awards submission deadline. not It is a platform song and has nearly 60 million followers.

The financial terms of the sale to Concord are not yet known. As for his existing HitCo staff, a number of executives will remain at Concord, including label president Joel Klaiman and his head of A&R, Jaha Johnson, to work on HitCo projects. contribute to variety I have reached out to Concord and HitCo representatives.