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