After UMG's $500 million copyright infringement lawsuit against Believe, Billboard explores what serious distributor reform would look like — and if it is a good idea.
Also this week: Hipgnosis hires a new creative chief, Downtown promotes a marketing and communications exec and Merlin welcomes back a former colleague.
The Paris-based company lowered its guidance on revenue growth in the full year to reflect subscription and ad-supported streaming trends.
Also this week: Country Music Hall of Fame and Museum elects Jody Williams as chair and OTM Music adds new heads of U.S. sync and A&R.
The consortium purchased 19.6 million of Believe's 113 million shares in a two-week tender offer, upping its holdings from 85% a week earlier.
The tender offer ends Friday (June 21) for shares of the owner of TuneCore, Sentric Music Publishing and a host of record labels.
After holding back its bid to acquire Believe, CEO Robert Kyncl has hired Michael Ryan-Southern to find him a new indie distributor to bolster ADA.
The decision clears a path for a consortium led by founder Denis Ladegaillerie to take the French company private.
A competing bid from a group including CEO Denis Ladegaillerie violates rules around tender offers, the board says.
They’re getting into their business — Warner's planned bid for Believe is only the latest example — and distributors are doing things that only labels used to.
