Reservoir, the New York-based music rights company, has acquired legendary American record label and music publisher Tommy Boy Music LLC in a deal valued at approximately $ 100 million.
F.founded in New York in 1981 by Tom Silverman, Tommy boy helped launch the careers of Queen Latifah, Afrika Bambaataa, Digital Underground, Coolio, De La Soul, House of Pain, and Naughty By Nature, among others.
The acquisition continues reservoirConfirmation in April that it plans to list on the NASDAQ through a merger with the Special Purpose Acquisition Company (SPAC), Roth CH Acquisition Co. II, giving the combined company an enterprise value of $ 788 million.
The result of that deal, which is expected to close in the third quarter of 2021, is that Reservoir, through the new combined company, Reservoir Media Inc, will be traded on the NASDAQ under the symbol “RSVR.”
The price of the Tommy Boy acquisition was disclosed in a filing with the SEC published today (June 4) by Roth CH Acquisition Co. II.
According to that filing, two of Reservoir’s board members, Stephen Cook and Ryan P. Taylor, are also Tommy Boy’s board members and have an equity stake in both companies.
A press release states that Reservoir’s deal to buy Tommy Boy comprises more than 6,000 teachers, including those of Coolio Gangster paradise, House of pain Jump, and Afrika Bambaataa & The Soulsonic Force’s Rock planet.
In addition to his history with the hip hop genre, Tommy Boy also introduced EDM to the general public through releases from LFO, Coldcut, and 808 State, while also helping to establish the Latin Freestyle and Latin Hip-Hop genres with releases from TKA, K7, and Information Society.
Tommy Boy Music also includes the catalogs for Amherst Records, Harlem Music, and Halwill Music, which own the copyright and publishing rights to a collection of ’70s Soul, Disco and Jazz artists, including The Stylistics, Van McCoy and Glenn Medeiros.
Tommy Boy Music now joins Chrysalis Records, following a deal reached in 2019 to add UK-based music company Blue Raincoat Music and its subsidiary, record music company Chrysalis, to Reservoir’s portfolio of offerings. .
Reservoir will continue to market the catalog under the Tommy Boy label from Reservoir’s New York City headquarters with A&R and Creative led by Reservoir EVP Faith Newman and international marketing and distribution powered by Reservoir’s London-based Chrysalis Records team.
“The growth of our label platform in the US is the right next step for the company, complementing our existing business and reinforcing our dedication to generating long-term value with cumulative acquisitions.”
Golnar Khosrowshahi, reservoir
MBW approached Comments and signature reservoir. Founder and CEO Golnar Khosrowshahi, Reservoir told us that “the Reservoir team looks forward to welcoming the Tommy Boy catalog and artists to our family.”
Khosrowshahi added: “The growth of our label platform in the US is the right next step for the company, complementing our existing business and reinforcing our dedication to generating long-term value with cumulative acquisitions.”
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