Downtown Music has sold its recorded music business to co-founders Josh Deutsch and Terence Lam, leaving its publishing business as a separate entity.

In a statement it was revealed that the parent company of Downtown Records and Downtown Music Publishing will see the label and publisher divisions each "further develop stand-alone platforms that can maximise opportunities for their respective artists, clients and shareholders alike."

Artist releases through Downtown Records include those from Gnarls Barkley, Cold War Kids, Duck Sauce, Justice, ...