US label buys into AEG production arm

Concord Bicycle Music, the American music group formed last year from a merger of the Concord label and publisher/rights manager Bicycle Music, has acquired a stake in AEG’s event production subsidiary, Bounce.

The sale was announced by Bounce CEO Tim Swift, who will remain as CEO of the joint venture. AEG will retain a controlling interest in the board.

Bounce has worked with Concord Bicycle Music (CBM) in the past on projects featuring Concord artists, including Sir Paul McCartney, James Taylor and Carole King. The new partnership will “give Concord Bicycle Music new opportunities to serve our artists and extend our reach into high-profile events and broadcast programming”, says CBM CEO Scott Pascucci.

The deal marks the first time that CBM, backed by private-equity firm Wood Creek, has invested in live music. It has since late last year bought labels Fearless Records, Wind-Up Records and Razor & Tie and acquired the recorded catalogues of George Harrison and REM.