The company will sell its 66.9% stake in the nightclub and restaurant company to Mohari Hospitality in a deal that values Tao Group at $550 million.
Also this week: NetEase renews its licensing deal with "Mandopop" label Rock Records, Symphonic enters the Web3 space and more.
The deal will "help deliver scalable solutions for the music industry while simplifying music use" for digital platforms and brands, says CEO Paul Wiltshire.
Zound's CEO said the deal will "allow us to be quicker with innovation and to have a deeper and more holistic connection with musicians and music lovers."
Also this week: Chrysalis pacts with Secretly Distribution, Beatport partners with a blockchain network for a Web3 marketplace and more.
The new standalone will sit alongside Decca Classics under the Universal Music U.K. umbrella.
The new company was co-founded by former BMG executives Alexi Cory-Smith and Neelesh Prabhu, with financing from private equity fund Freshstream.
SourceAudio says it agreed to sell itself nearly a year ago, but Utopia has refused to finalize the deal.
Mega TV airs around three dozen original programs on affiliate stations in Puerto Rico and the mainland U.S.
The label that developed Migos, Lil Baby and others will now fall under HYBE America and the leadership of CEO Scooter Braun.
