LONDON -- Sony Music has acquired substantial shares in three indie record companies -- deals, according to an inside source, similar to the one with Oasis' label Creation Records, in which the major holds a 49% stake.
Two of the deals, with Germany's Yo Mama and Belgium's Double T, mark the first time Sony Music Independent Network Europe (SINE) -- the company's European indie division set up a year ago -- has applied its investment strategy to the continent.
The third deal, with the sister labels Skint and Loaded, ups Sony's British dance music presence, and follows in a long line of deals with Brit indies, from Creation to Nude to Independiente.
Double T is home to the brother/sister duo K's Choice, who have already cracked the U.S. market and sold 700,000 units of their last album worldwide.
Skint/Loaded acts include Lo-Fidelity Allstars and Fatboy Slim, and Yo Mama has hip-hop and electronic dance acts.
Typically, the acquisitions mean Sony takes over distribution rights for the independents outside their home territories, while the indies retain creative control and domestic distribution.
Mark Chung, SINE's senior VP, said, "The significance of building a network of European independent labels is that they will not only act as a repertoire source for Sony Music, but may also release repertoire from other SINE labels where suitable."
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