Sony Music to acquire merch company Probity
The Thread Shop, Sony Music’s merchandise division, is to acquire Probity Europe, a leading independent music merchandising company offering worldwide tour, retail, ecommerce and licensing services.
Probity’s roster of artists includes Metallica, Noel Gallagher, Oasis, Paloma Faith, Rage Against the Machine, Robert Plant and Van Morrison.
Following the acquisition, London-based Probity will become a new division of The Thread Shop, with the existing Probity team serving under company founder Mark Stredwick. Stredwick will report to Thread Shop head Howard Lau.
The takeover of Probity is the third merch-related acquisition by Sony Music since last summer, following similar deals with the US-based Araca Group and the UK’s Kontraband last year. The label’s in-house merchandising business is now home to the likes of the Beatles, Camila Cabello, Jimi Hendrix, Maluma, Led Zeppelin, Lil Nas X, Pink and Rosalia.
“Probity is an established independent leader in the European merch market”
“We are delighted to fully cement the organic relationship we had already developed with Howard and Sony Thread Shop,” comments Stredwick.
“The deal with Sony allows our growing roster to tap into more opportunities globally and benefit from innovative and creatively driven merchandising programs that The Thread Shop deliver with such passion.”
Adds Lau: “We are very pleased to be further enhancing the reach and competitive capabilities of The Thread Shop around the world with the welcome additions of Mark Stredwick and the Probity team.
“Probity is an established independent leader in the European merch market, representing some of the world’s most iconic music artists. Together we can offer our artist clients and the music community an even more robust set of merchandising opportunities to complement their music revenues, branding and marketing.”
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.