Yesterday, we reported that Sony Music purchased Century Media and all its subsidiaries for $17 million dollars. Today, the news was confirmed by Century Media founder Robert Kampf in an article for music industry trade magazine, Billboard.
The Billboard article says Sony paid "about $20 million" for the label and that Century pulls in "$12 million in revenue, including $5 million from the U.S.," which is quite a chunk of change. Interestingly, the deal now makes Sony the sole distributor of Century Media music worldwide (it was previously only distributing in the States) but Billboard reports that sources indicate Century did not sell off the company's publishing assetts, which is basically where all the money is. So, to me, Century Media owner Robert Kampf comes out the big winner here.
Kampf will serve as CEO of the Century Group, and he issued a statement to Billboard which is the type of statement one would make when they are millions of dollars richer:
"The company I founded over 25 years ago is moving into its strongest chapter yet with the best music company in the world, Sony Music," Kampf said in a statement. He added, by working with Sony and RED, it will allow Century's labels "to further grow…as a dominant force in rock, prog, alternative and metal.
Not to be a cynic, but we've heard this before. We'll see in about six months how strong this chapter is and even if Kampf will remain with the company.
