The acquisition includes approximately 19,000 master recordings and 8,000 compositions.
Latin music company Fania Records and Publishing has been bought by Concord Music from Miami-based Codigo Entertainment. Fania assets include some 19,000 master recordings and 8,000 compositions, among them works by such iconic Latin and R&B artists as Celia Cruz (pictured), Willie Colón, Héctor Lavoe and Rubén Blades. It is also home to important records in genres like Salsa, Latin big band and boogaloo, the latter of which — performed by Pete Rodriguez in “I Like It Like That” — can be heard on the hook to the current Cardi B hit “I Like It.”
On the publishing side, Fania’s catalog includes tunes written by Louis A. Perez and Luis Diaz. Songs sampling Fania publishing works include Christina Aguilera’s “Ain’t No Other Man” and Shakira’s “Hips Don’t Lie.”
Said Concord CEO Scott Pascucci: “We are huge fans of Fania and its extraordinary musical legacy. As investors, the acquisition makes sense because of the growth in streaming and the demographic shifts in consumption — and we want to be at the forefront of investing in that shift. But, more importantly, we love the music and couldn’t pass on the opportunity to bring the music to future generations around the world.”
The acquisition was led by Concord Chief Operating Officer Glen Barros and Chief Business Development Officer, Steven Salm. Reed Smith was counsel to Concord, led by Stephen Sessa and Christopher Sheaffer. The Fania deal follows the purchase of Imagem, Boosey & Hawkes, Tams-Witmark and the Rodgers & Hammerstein Organization — all but Imagen remain individual business units under parent company Concord Music.
“It has been an honor and a privilege for my team and I to return this amazing catalog and magical brand back to its rightful place in music history,” added Stuart Livingston, President and CEO of Codigo Entertainment.
Watch the video for “I Like It” below:
Source : Variety
