FILE PHOTO: Megan Thee Stallion performs during the BET Awards at the Microsoft theater in Los Angeles, California, U.S., June 27, 2021. REUTERS / Mario Anzuoni
December 16, 2021
(Reuters) – Media company Warner Music Group on Thursday said it has acquired 300 Entertainment, the music label behind artists like Megan Thee Stallion, Fetty Wap and Mary J. Blige.
The company did not disclose the terms of the transaction. A person familiar with the matter told Reuters the deal was worth around $400 million.
300 Entertainment was founded by veteran music industry executives including Lyor Cohen, who is currently the global music director of Google and YouTube by Alphabet Inc and formerly Warner Music.
The deal will help Warner Music expand the global reach of Entertainment’s 300-artist roster.
The label will continue to operate independently and be led by co-founder Kevin Lies, Warner Music said.
Megan Thee Stallion, winner of Best New Artist at this year’s Grammy Awards, alone signed a deal with Netflix Inc on Thursday for an exclusive first-look deal to produce a series of films. new and other projects for the streaming giant.
(Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru; Editing by Ramakrishnan M. and Amy Caren Daniel)
https://www.oann.com/warner-music-group-acquires-300-entertainment/?utm_source=rss&utm_medium=rss&utm_campaign=warner-music-group-acquires-300-entertainment Warner Music Group acquires label behind rapper Megan Thee Stallion