LOS ANGELES (CelebrityAccess) – Concord has officially acquired the Los Angeles-based music distribution platform Stem. The deal is rumored to be in the high eight-figure range, as the financial details were not disclosed.
The official announcement confirms that Concord is buying Stem and investing in Tone, a royalty accounting and financial tools platform launched by Stem’s team in 2023. Tone will now operate independently as a standalone business.
Reed Smith provided outside counsel for Concord with tax advisory services from KPMG. Raine Group led Stem’s representation during the transaction, along with a team of female counsel: Rachel Totten and Natalie Martirossian from Goodwin Procter, Sarah Graham from Gibson-Dunn, and Laxmi Vijaysankar from Serling Rooks Hunter McKoy Worob & Averill.
The announcement added, “Stem will now have the ability to tap into Concord’s significant operational and financial resources, equipping clients with the freedom and autonomy which are at the core of its mission.”
Tom Becci, Chief Executive of Concord Label Group, said, “The success of the indie community is vital to the long-term growth and health of the music industry. Our investment in Stem will equip them with the tools necessary to deliver first-class service across the globe while further modernizing the indie music landscape. Our focus on bolstering independent artists and entrepreneurs has never been clearer.”
Concord CEO Bob Valentine added, “Milana and her team have spent a decade creating a company that provides immense value to both artists and labels. Like Concord, their focus has always been giving artists the tools they need to realize their visions and grow their careers. I am excited to welcome the Stem team to Concord and look forward to witnessing our collective success.”
Stem CEO Milana Lewis said, “From day one, Stem has been hellbent in its mission to provide artists and their teams true autonomy. We’ve built a platform that has consistently launched the hottest artists in the world by assembling the right components—discerning taste, cutting-edge financial tools, seamless distribution, bespoke marketing strategies, and high-touch creative services. Now, with Concord’s backing, we gain more fuel for the engine and a global team to help us scale. This isn’t an exit—it’s an expansion. We’re doubling down on raising the standard for independent artists and proving what’s possible when they have the right support behind them.”
Kristin Graziani, President of Stem, added, “Bob, Tom, Vic, and the Concord team have built an incredibly impressive, durable business across multiple facets of the industry, and we are honored to be their selected partner as they enter the rapidly growing and sought-after distribution space. We know Concord’s capital, comprehensive global label services, and strategic expertise across recorded music will immediately strengthen Stem’s offering while allowing us to continue to deliver on our promise of empowering independent artists and labels.”
