Springfield insurer MassMutual and other investors are buying the music labels of ex-Beatle Sir Paul McCartney, smooth jazz saxophonist Kenny G and others, along with a rich catalog of classic songs, including ones from soul singer Otis Redding and crooner Tony Bennett.
Massachusetts Mutual Life Insurance Co.’s Wood Creek Capital Management LLC unit in New Haven heads the investor group paying an undisclosed sum to buy Concord Music Group from Hollywood film studio Village Roadshow Entertainment Group.
According to MassMutual, Wood Creek actually is doing the deal on behalf of investment funds for which it is an adviser, and includes some Concord senior managers and music-industry veterans Steve Smith and Scott Pascucci.
The deal is due to close in days, officials said. Concord President/CEO Glen Barros will stay in place.
Philadelphia law firm Reed Smith LLP and New York investment adviser MESA represent Wood Creek in the deal. Hollywood law firm Latham & Watkins LLP and New York merchant bank The Raine Group represent Village Roadshow.
Village Roadshow says it’s selling to focus on its core movie business.
Concord’s family of music labels includes Concord Records, Concord Jazz, Hear Music, Fantasy, Stax, Milestone, Riverside, Specialty, Telarc, Heads Up, Prestige and famed American roots label Rounder Records.
Aside from McCartney and Kenny Gorelick, Concord’s talent stable includes Paul Simon, Alison Krauss, Chick Corea, James Taylor, Carole King, George Benson, Steve Martin, Ben Harper and Esperanza Spalding.
Its catalog also includes legends such as John Coltrane, John Fogerty, Creedence Clearwater Revival, Ray Charles, Miles Davis, Little Richard, Thelonious Monk, Isaac Hayes and Ella Fitzgerald.
