Village Roadshow Entertainment Group sells Concord to focus on film production
Village Roadshow Entertainment Group (VREG) has sold Concord Music Group and will use the proceeds to reduce debt and free up cash flow to focus on film production.
VREG is 47 per cent owned by listed entertainment company Village Roadshow. The acquisition price was not disclosed although Village Roadshow said the transaction was not material.
Concord Music Group was acquired by Wood Creek Capital Management LLC on behalf of funds it advises and an investor group comprised of Concord's senior management and industry veterans Steve Smith and Scott Pascucci.
Concord's catalogue includes artists such as John Coltrane, John Fogerty, Creedence Clearwater Revival, Ray Charles, Miles Davis and others.
Village Roadshow has previously flagged plans to fund more films. Among its past slate are films such as Happy Feet Two, Gangster Squad, and Baz Luhrmann's upcoming The Great Gatsby.