US independent music company Concord Bicycle Music has acquired an equity interest in live entertainment giant AEG's live event and broadcast production division, Bounce. The amount of the transaction was not disclosed, nor was the percentage of shares changing hands. AEG will maintain a controlling interest of Bounce's Board, which will be comprised of three members designated by AEG, including CEO Tim Swift, and two members designated by CBM. Swift will remain as CEO of the joint venture.
Bounce and AEG have successfully collaborated on past projects featuring artists on Concord labels including James Taylor, Paul McCartney and Carole King, among others. According to a statement, Bounce will continue "its core business of providing production services to corporate, music-industry and broadcast clients, while also focusing on creating new content and events with AEG and CBM as well as unaffiliated clients.”
With the combination of AEG's global reach and CBM's music and artist portfolio, Bounce will have “greater opportunity to produce and distribute content through both live events and broadcast channels while developing new platforms for CBM's artists in addition to designing unique experiences for brands and consumers."
"Bounce has established a reputation for producing high-quality events for clients such as MusiCares, PBS, Rolex, and Chanel," said Swift. "This new alliance allows us to move beyond a traditional client-vendor relationship, and truly become content partners.”
"We are very excited to be working with Bounce and AEG," said CBM CEO Scott Pascucci. "Our strategic partnership will give Concord Bicycle Music new opportunities to serve our artists and extend our reach into high-profile events and broadcast programming.”