Megan Thee Stallion
FilmMagic300 Entertainment has sold to Warner Music Group, the latest blockbuster deal in the music industry’s unprecedented shopping spree for music assets.
The deal, which WMG announced Thursday, closes months of speculation and industry murmur over a potential 300 sale. The financial details of the deal aren’t immediately clear, but Bloomberg reported in October that 300 was seeking $400 million from a potential buyer for the label, while Billboard reported earlier this month that WMG was closing on the deal citing a similar figure. Warner, for its part, announced it had raised $535 million for acquisitions in November.
Since Lyor Cohen — now YouTube’s Global Head of music — founded 300 alongside current CEO Kevin Liles, Todd Moscowitz and Roger Gold in 2012, it quickly established itself as one of most successful indie labels in the business, signing artists like Young Thug and Fetty Wap in its earlier days and finding further success more recently with Megan Thee Stallion.
“It’s the perfect home for 300 artists and our team, as we invest in our independent vision and grow our global impact,” Liles said of WMG in a statement. “[Warner Recorded Music CEO] Max [Lousada], Julie [Greenwald, chairman and COO of Atlantic Records], [Elektra co-presidents] Mike [Easterlin] and Gregg [Nadel] – 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.”
As 300 joins WMG, Liles will take on the role of chairman and CEO for 300 and Elektra Music Group, where he will oversee several labels including Fueled by Ramen, Roadrunner Records Low Country Sound, DTA Records and Public Consumption. Easterlin and Nadel will continue to run Elektra and report to Liles, WMG said.
“The 300 team has built an extraordinary brand, attracted a dynamic community of artists, and led the way for a new generation of labels,” Lousada said in a statement. “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.”
A sale to WMG isn’t surprising given the label’s longstanding relationship with Warner. 300’s founders have all held leadership roles at WMG or one of Warner’s labels, and WMG’s marquee label Atlantic has been 300’s distributor since launching.
“Wonderful to see a good idea realized,” Cohen said in a statement. “300 is a way of life and is in very good hands.”
Warner, the smallest of the big three record companies, went public last year as the music business has enjoyed a resurgence, with company valuations steadily rising during the streaming era. The company has been active in increasing its reach and digital footprint, making investments in song catalogs along with participating in a major funding round for video game Roblox and digital avatar company Genies, with WMG looking to be active in music’s place in the buzzy concept of metaverses.
The sale comes amid an unprecedented demand for music assets both from more traditional music companies and large investment corporations. With companies willing to give more money than ever, artists like Bob Dylan and Paul Simon sold their publishing rights to major publishers Universal and Sony, while others including Stevie Nicks and Neil Young have made deals with smaller companies Primary Wave and Hipgnosis Songs Fund, which played a major role in driving up song values with lofty offers for artists.
Now investment firms like KKR and Blackstone haver partnered with BMG and Hipgnosis Songs Fund to acquire the most storied catalogs in music. KKR recently closed a billion-dollar deal to buy a portfolio of songs from publisher Kobalt.
NEWS
There is no question that Clipse’s Let God Sort Em Out made a serious impact and continues to hold weight. The project showed that hip hop is not limited by age and proved that a long-awaited return can still land in a major way regardless of the time away.
If you need a reminder, the Virginia duo’s fourth studio album debuted comfortably within the top five of the Hot 200. It secured the number four position and moved an impressive 118,000 units in its first week.
On top of that, it picked up a win at this year’s Grammys, earning Best Rap Performance for “Chains & Whips.” The album also received four additional nominations, including Best Music Video, Rap Album, and Album of the Year.
It is hard to believe the project will officially hit its one year mark this summer on July 11. Even so, Pusha T is making it clear that both supporters and critics should not be overlooking it anytime soon.
While performing at Coachella yesterday, King Push told the crowd that LGSEO still sits at the top, regardless of genre.
He said, “‘Let God Sort Em Out’ is still the album of the motherfckin year. Whole new year, still album of the year,” per Kurrco. “Album of the motherfcking year until we drop again. We don't care who dropping. It don't matter.”
That is a strong statement for obvious reasons, especially considering the recent claims surrounding Push himself.
Over the same weekend, hip hop social media lit up after several alleged reference tracks connected to Quentin Miller and Push began circulating. Three tracks surfaced in total, but one that drew the most attention was an alleged record titled “Real Gon’ Come.” It is said to come from the DAYTONA era, around 2017 to 2018.
The situation gained traction because fans remember the past tension between Drake and Pusha T before Drake’s clash with Kendrick Lamar. During that feud, Pusha accused Drake of using ghostwriters on tracks like “Infrared,” which appears on DAYTONA. On that song, he raps, “The bigger question is how the Russians did it /
It was written like Nas, but it came from Quentin.”
Reactions have been mixed. Some people argue it is not a major issue since Miller’s alleged contributions were limited to hooks. Others point out that the songs were never officially released, so they see no real problem. Meanwhile, critics view it as clear hypocrisy on Pusha T’s part, a perspective that DJ Akademiks has also supported.
