NEW YORK (CelebrityAccess) — 300 Entertainment, the influential and multi-faceted music company founded by Lyor Cohen, Kevin Liles, and Roger Gold, has been acquired by Warner Music Group.
The deal includes 300 Entertainment’s potent roster that includes artists such as Megan Thee Stallion, Young Thug, Gunna, Highly Suspect, the newly signed ‘Queen of Hip-Hop Soul’ Mary J. Blige & many others.
While the financial details of the long-rumored transaction were not disclosed, Bloomberg previously reported that 300 was shopping itself to buyers for $400 million in October. As well, on November 17, WMG revealed to investors that it had raised $535 million through an offering of senior secured notes to be used for the potential acquisition of “certain music and music-related assets.”
The deal builds on WMG’s existing relationship with 300 Entertainment, which has distributed music through Atlantic Records since the company launched almost a decade ago.
As part of the acquisition, co-founder CEO Kevin Liles will be appointed Chairman & CEO across 300 and Elektra Music Group.
Following the close of the deal, Elektra Music Group, which includes Elektra Records, Fueled By Ramen, Roadrunner Records, Low Country Sound, DTA Records, and Public Consumption, will continue to be helmed by Co-Presidents Mike Easterlin and Gregg Nadel, who will report to Liles.
According to WMG, 300 will continue to operate as an independent identity, and the entirety of its team will continue to occupy separate headquarters in New York.
“At Warner Music, the independent spirit is part of our story, our DNA, and our vision. We’re creating the environment for original artists, entrepreneurs, and labels to pioneer the future of music. The 300 team has built an extraordinary brand, attracted a dynamic community of artists, and led the way for a new generation of labels. We’ll bring their artists and team a whole universe of opportunities to ignite passionate fanbases and develop long-term careers. We’re very happy to welcome 300 fully into the Warner community of labels, and Kevin to his new role on our senior management team,” said Max Lousada, CEO, Warner Recorded Music.
“At 300, we’re all about freedom – the freedom to create, the freedom to be intrapreneurs and entrepreneurs, the freedom to make music that changes the world. Independence is in our DNA and the team at Warner is like family, which makes this a natural evolution for us to do bigger family business. It’s the perfect home for 300 artists and our team, as we invest in our independent vision and grow our global impact. Max, Julie, Gregg, and Mike – these are leaders we know and trust. They understand the value we place on independence, individuality, and creativity. We’re going to accomplish amazing things together and take our artists and labels to a whole new global level,” added 300 Entertainment co-founder and CEO Kevin Lyles.