Sony Music is acquiring Brazil's biggest homegrown record label, Som Livre
Sony Music confirmed in a statement on April 1st that it will be buying Som Livre, which is considered the largest homegrown record label from the country.
As a label, Som Livre is home to some of the biggest Brazillian artists including Marilla Mendonca, Jorge & Mateus, Lexa and Wesley Safadão. Aside from label services, Som Livre also is involved in publishing, distribution and live events.
It has just been confirmed in an SEC filing that Sony is purchasing the Brazillian record label for BRL 1.438 billion (approximately USD $255 million).
Chairman of Sony Music Group, Rob Stinger, said, “We are delighted to be investing in Som Livre and expanding our existing relationship with this special company.
He later stated, “Brazil is one of the most dynamic and competitive growing music markets in the world and we will provide huge opportunities for creators through our shared vision.”