Concord has acquired HitCo, the record label launched by former Epic Records chairman/CEO L.A. Reid and music industry veteran and entrepreneur Charles Goldstuck, sources confirm to Billboard. The deal, worth an undisclosed amount, was first reported by Variety.
HitCo was launched in 2018, with OutKast rapper Big Boi its first signee; Reid initially signed OutKast to his LaFace label in partnership with Arista in the early 1990s. Since then, the company has worked with several other acts that have had a prior business relationship with Reid in the past, including Jennifer Lopez, who was signed to Island Def Jam during Reid’s tenure there as chairman and CEO; and Dinah Jane, who was signed to Epic as part of Fifth Harmony while Reid headed that label. Other acts on HitCo include Saint JHN, whose song “Roses” was remixed in 2019 and reached No. 4 on the Hot 100; Rubi Rose; and Dixie D’Amelio, among others.
The deal will see HitCo join Concord’s roster of labels, which includes Fantasy Records, Fearless Records, Easy Eye Sound, Concord Jazz, Loma Vista, Craft Recordings, Rounder Records and more; at the midyear mark of 2022, Concord had pulled in a 1.66% market share in the United States for the year to date, good for 13th among labels and up from 1.60% at the midway mark the year prior. Concord also boasts a robust publishing company, as well as theatrical and other divisions; its recorded music is distributed by Universal Music Group. A rep for the company did not have a comment at this time when reached by Billboard.
Reid has had an extensive career in the music business, building on his work as an artist by launching LaFace in 1989 before working in top roles at Arista, IDJ and Epic Records; he left the latter company in 2017, following an allegation of sexual harassment, about which he said, “I’m proud of my track record promoting, supporting and uplifting women at every company I’ve ever run. That notwithstanding, if I have ever said anything capable of being misinterpreted, I apologize unreservedly.” Goldstuck has had a long career in the music business as well, as a co-founder of J Records alongside Clive Davis and as the general manager of Arista.
