Universal Music Group has acquired a 25.8% interest in Chord Music Partners for $240 million. Chord Music Partners, established in 2021 by KKR and Dundee Partners, boasts a portfolio that includes music from renowned artists such as the Weeknd, Ellie Goulding, John Legend, Kid Cudi, and more. This acquisition marks the beginning of a long-term partnership between UMG, Chord, and Dundee, with UMG taking on distribution and publishing administration responsibilities for Chord's existing catalog through Universal Music Publishing Group (UMPG) and UMG's Virgin Music Group (VMG).
Sir Lucian Grainge, chairman and CEO of UMG, expressed enthusiasm for the collaboration, emphasizing the shared commitment to identifying timeless music that drives sustained growth. The deal involves KKR selling its majority stake in Chord to Dundee, resulting in Dundee's ownership share increasing to 74.2%, while UMG holds the remaining minority stake.
