Stem Distribution Sold to Concord Music for $90 Million-Plus

variety.com:

Jem Aswad Executive Editor, Music As expected, Concord, the Nashville-based independent music company, has added Stem Distribution to its portfolio of subsidiaries, the company announced on Monday.

Terms of the deal were not disclosed, but sources close to the situation tell Variety the deal was in the $90 million range, significantly higher than the $50 million prince rumored earlier.

Stem, an innovative company providing distribution, digital strategy, data-driven insights, playlisting, and more for independent artists and labels, will continue to be operated as a separate division within Concord Label Group, led by its existing CEO Milana Lewis and president Kristin Graziani.

Current staffing and operations are not anticipated to be affected by the deal; Tone, the Stem-owned business platform devoted to royalty accounting and other financial tools for record labels, is being spun off and will be a stand-alone business going forward, with Concord as one of its investors.