Music Industry Moves: Universal Music Acquires $240 Million Stake in Chord Music; Atlantic Records Ups Erica Bellarosa

variety.com:

Thania Garcia Universal Music Group has acquired a 25.8% interest in Chord Music Partners — whose portfolio includes music from the Weeknd, Ellie Goulding, John Legend, Kid Cudi and more — for $240 million.

Chord, which was formed in 2021 by KKR and Dundee Partners, will work with UMG and Dundee as part of a long-term partnership where UMG will handle distribution and publishing administration for Chord’s existing catalog through Universal Music Publishing Group (UMPG) and UMG’s Virgin Music Group (VMG). “Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential, which is why we’re so pleased to be working with Stephen and Sam Hendel and Dundee Partners,” said Sir Lucian Grainge, chairman and CEO of UMG, in a statement. “With the leadership of Jody Gerson at UMPG, Nat Pastor and JT Myers at Virgin, and the support of our experienced creative executives around the world, no one can do more with music rights than our teams.

We look forward to creating maximum commercial and creative value for the songwriters and artists in Chordand building for the future.” As part of the deal, KKR will sell its majority stake in Chord to Dundee, increasing Dundee’s share to 74.2% with UMG holding the remaining minority stake. + Music attorney Erica Bellarosa has been promoted to head of business affairs and general counsel for Atlantic Records.

Bellarosa, a 19-year veteran of Atlantic, is set to lead the label’s business and legal affairs and contract administration departments.