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Business News Digital Labels & Publishers
INgrooves up for sale, say sources
By Chris Cooke | Published on Thursday 22 March 2018
The owners of distribution and music services company INgrooves are actively seeking a possible buyer, or so say sources who have spoken to Billboard. And who doesn’t love sources? I love em. Every single one of them. Hello sources, you’re all great.
Said sources reckon that the company’s majority shareholder Shamrock Capital is seeking a buyer for the company with a possible $100 million price tag. INgrooves has a long association with Universal Music, which is a minority shareholder in and client of the business, and which merged its own distribution unit Fontana with INgrooves back in 2012.
However, Billboard reckons Shamrock is talking to other possible bidders too, which will likely include the other majors. Sony has been busy buying up independent distributors to merge with its The Orchard business, while Warner’s ADA might also pursue a takeover to boost its overall market share.
The likes of Concorde, Kobalt and BMG might also be possible bidders, though the latter recently told Music Week that pursuing big acquisitions was no longer a priority.
