Posted by adam
April 17, 2002 at 1:56 PM (EDT)
's news section is reporting that according to a Billboard/VNU eMedia article (which I have yet to locate), MCA Records has acquired a non-controlling 25% interest in Victory Records. Label founder Tony Brummel retains control of the remaining 75%. According to the report, MCA was in a bidding war with Columbia to acquire the label. This quote was attributed to Mr. Brummel:
This deal is not about selling out; it is about selling in. I have found a partner that only wants to help the company and its artists flourish. MCA wants us to do what we do on our own terms but with better resources -- the added support and muscle of the MCA marketing, promotions, systems, and legal staff. They will not be involved in our day-to-day business, leaving control entirely in my hands.