Warner Music Group Buys Roadrunner
December 18, 2006 at 4:34 AM (PT)
WARNER MUSIC GROUP is buying a majority interest in ROADRUNNER MUSIC GROUP, purchasing 73.5% for an undisclosed price. The ROADRUNNER label will become a freestanding label group in the U.S. within WMG's ATLANTIC RECORDS GROUP division, while ROADRUNNER's international affiliates will become freestanding units within WMG's WARNER MUSIC INTERNATIONAL. WMG says that there will be no staff changes as a result of the purchase and CEES WESSELS will continue to run the label as Managing Director. The move brings ROADRUNNER's roster headed by NICKELBACK and SLIPKNOT under the WMG umbrella; closing is expected by JANUARY 2007.
WMG Chairman/CEO Of U.S. Recorded Music LYOR COHEN says that "very rarely do you find a record company with such a longstanding reputation and distinct viewpoint that its very name rises to the level of true brand. ROADRUNNER, from its strong artist roster to its deep catalog and first-rate creative team, embodies the hard rock aesthetic to its core. CEES and I shared great success when we brought ROADRUNNER into the IDJ family in 2001, so naturally I'm thrilled today to welcome CEES and his team to WARNER MUSIC GROUP. We look forward to building upon ROADRUNNER's 25 years of success together."
"It was predestined that LYOR COHEN and I would work together again," adds WESSELS. "Five years ago, before Nickelback broke massively worldwide, Lyor recognized the power of the ROADRUNNER brand, its artists and the creative talent of the staff." Today, after continuous strong growth of the label, I feel proud that we are partners again. ROADRUNNER has become part of a forward-thinking group of companies that not only looks with confidence to the future, but also still retains the creative spirit of the founder of ATLANTIC, AHMET ERTEGUN."