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, Major Lazer, Miike Snow, and Santigold.
All Downtown Records staff will join Deutsch and Lam whilst Downtown Music Publishing will remain to be headed up by president, Justin Kalifowitz, COO Andrew Bergman and CFO Daniel Lieblein.
Downtown Music Publishing is a New York-based rights management firm. Established in 2007, the company’s copyright portfolio now includes over 40,000 titles spanning seventy years of popular song, film score and theatre music.
In November, it was announced that it had signed an agreement to exclusively administer the Global Talent & Publishing catalogue in the US and Canada, taking on the task from Kobalt.