Alamo Records will now live under Sony Music Entertainment after it was announced on Tuesday that the company has acquired a majority stake in the label founded by Todd Moscowitz, a music industry veteran and former Warner Bros. Records executive. Alamo is home to some very popular artists in the hip-hop world – the likes of Rod Wave, Lil Durk, Smokepurpp, Lil Gotit and blackbear are all signed to the label.
The label imprint, founded in 2016, was formerly in a joint venture partnership with Universal Music Group, but now leaves them for a new partnership with Sony Music. Variety reports that there was a buy/sell negotiation with Universal in the months leading up to this announcement but they decided to walk away, giving Sony the perfect avenue to step in and acquire their stake. The deal is said to be valued at around $250 million, half of which would go to Universal as a buyout.
Moscowitz will remain in his position as the label's CEO, and Alamo's roster and catalog will become a creative center of partnership within Sony Music. Some of the label's artists have seen tremendous success over the past year, as Rod Wave and Lil Durk have both put out albums that have reached No. 1 on the Billboard 200 this year alone with SoulFly and The Voice of the Heroes respectively. Alamo will continue to sign, develop and market its artists under Moscowitz.
“I decided to partner with Sony Music because Rob and the team showed their deep understanding of entrepreneurship. Being competitive in this marketplace requires being fluid, fast and innovative and I have tremendous confidence that Alamo and our artists will get the support from Sony Music to take our entire company to the next level” Moscowitz said of the deal with Sony Music.
Check out more information below and comment who your favorite Alamo Records artist is.
