After QC’s Pierre ‘Pee’ Thomas made light of 300 Entertainment’s search for a buyer in 2021. Now Quality Control the label is desperately selling to Scooter Braun,
the head of HYBE America for reportedly almost $100 Million dollars less than what 300 Entertainment sold to Warner Music Group for in Early 2022.
In a braggadocious tweet dated October 2021 the music industry mogul seems to make fun of 300 Entertainments financial well being as the record label entered into negotiations with WMG for an astonishing $400 Million dollar acquisition.
“The company is a division of the South Korean entertainment firm HYBE, which dominates the K-pop world through its management of the superstar group BTS,” writes the New York Times, noting the official purchase price wasn’t made public. Later it was disclosed that the deal would be approximately a $250 Million dollar purchase with an additional $50 Million dollar pay out in the form of new stock options for the co-founders Kevin “Coach K” Lee and Pierre “P” Thomas.
“QC is one of the most significant independent labels in the world,” CEO Braun told the newspaper. “They not only distribute music, but they also distribute culture. Their artists are the voices of their communities.” It would appear that QC the label and their executives may believe that this new deal will shield them from any impending federal investigations that maybe looming in the future.
Feb 9, 2023 8:22 am
