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Is Magna Entertainment working to build a full stack music company?
The PledgeMusic major investor has made a strategic investment in independent record label Loud & Proud Records, continuing a strategy of investments with a focus on intellectual property opportunities across the music, premium video and other content-based industries.
Led by industry veteran Tom Lipsky, Loud & Proud Records will utilize Magna’s funds to foster independent artist development. Current and past releases includes Lynyrd Skynyrd, Blues Traveler and The Winery Dogs, as well as global distribution from ADA, the independent distribution and services arm of Warner Music Group.
Loud & Proud specializes in partnering with established artists with a definable fan base. Lipsky’s 25-year track record includes his role as founder of CMC International Records, CEO of Sanctuary Records and an exec at Roadrunner.
Details of the deal were not announced, but Magna says that this is just the beginning of a financial alliance that will support Loud & Proud Records’ expansion plan over the next several years. “We saw an opportunity to work with a great team, build a wonderful relationship with Loud & Proud and design a financial structure that gives Tom the freedom to do what he does best. We’re thrilled to be a part of the label’s growth,” said Andrew Kotliar, portfolio manager of Magna Entertainment.
Founded by Joshua Sason in 2009, an ex-musician, Magna is a diversified investment manager with approximately $300M invested across public and private markets.
from hypebot http://ift.tt/2rA07rK
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