News - 17/07/2017

Sony is buying Believe Digital for up to $444m

Sony is buying Believe Digital for up to $444m

After some rumours, the confirmation has arrived: the deal between Sony and Believe Digital is nearly done, so the music major is buying the Paris-based global online distribution/services arm and record label for a total price of between $355m and $444m (40bn – 50bn Yen).

According to Nikkei, Sony will receive a majority stake in Believe for the sale price.

Believe significantly increased its distribution market share with the acquisition of TuneCore in April 2015. After that purchase, Believe funder Denis Ladegaillerie told that the combination of of Believe and Tunecore would generate an annual turnover in excess of US $250m (€232m). In October last year, Believe acquired French independent distributor and label Naive for €10m ($12m).

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