Sony Music Entertainment acquires, Brazilian music company, Som Livre

0 20

Sony Music Entertainment, On Friday, announced that the company has completed its transaction to acquire Brazilian independent music company Som Livre. The company broke the news following approval from Brazil’s regulator the Tribunal of the Conselho Administrativo de Defesa Econômica (CADE) on Wednesday, February 23, 2022. 

“With the transaction now completed, we look forward to ensuring Som Livre’s continued success and increasing our support for Brazil’s thriving music community. Som Livre will further enhance Sony Music’s support for independent artists, songwriters and labels in Brazil and across the Latin music industry, in one of the most dynamic, competitive and fastest growing music markets in the world.”

Sony Music Entertainment

Founded in 1969 by music producer João Araújo, Som Livre is Brazil’s largest domestic label. Its parent company, Grupo Globo, placed the label up for sale in 2020. Sony Music Entertainment acquired the music company in April last year for an undisclosed amount. 

The sale was approved by the national competition regulator Cade on 4 November 2021. Being the first record label to invest in Brazil’s gospel music market, Som Livre released its first gospel album “CD Promessas,” which sold 500,000 copies in 2009.

Leave A Reply

Your email address will not be published.