NEW YORK, NY, May 31, 2006 -- Warner Music Group Corp. (NYSE: WMG) today announced it has
completed its acquisition of Ryko Corporation, a leading independent,
integrated music and entertainment company. The agreement to acquire
Ryko from an investment group led by JPMorgan Partners for $67.5
million was originally announced on March 24, 2006.
Under the completed agreement, WMG has acquired Ryko's catalog,
award-winning independent distribution division, and its label and
artist roster.
The Ryko catalog includes more than 1,000 titles of rock, folk, jazz,
world, blues and alternative albums including Restless Records'
catalog of punk, new wave and soundtrack recordings, the Hannibal
catalog of British and American folk rock and world music and the
Emperor Norton electronic and dance catalog. Artists represented in
the catalog include: Ali Farka Toure with Ry Cooder, Bill Hicks,
Brian Eno, Frank Zappa, Joe Jackson, Kelly Willis, Soul Asylum, The
Dead Milkmen, The Flaming Lips, The Misfits, The Replacements and
They Might Be Giants.
Ryko Distribution, the company's independent distribution division,
sells music and DVD releases from Rykodisc and third-party record and
video labels, such as SPV, Oh Boy, Rough Trade/Sanctuary, Blix Street,
Alligator, Bloodshot, Compass Records and Blue Underground. Ryko
Distribution, Alternative Distribution Alliance (ADA) and WEA,
functioning side-by-side, will form a combined distribution network
that further establishes WMG as the U.S. leader in the distribution
of independent music.
Ryko's recorded music label, Rykodisc, focuses on contemporary music
and comedy releases from artists including Kelly Willis, The Posies,
Big Star, Brian Eno, Joe Jackson, The Misfits, Rory Block, Jimmy
Thackery, comedian Billy Connolly, Elf Power, and film and television
soundtracks. Rykodisc will remain a standalone label and draw upon
the resources of WMG labels, Warner Bros. and Atlantic, as well as
Warner Music International to promote its roster.
Ryko Corporation, Ryko Distribution and the Rykodisc label will
remain headquartered in New York City. As previously announced, WMG
does not expect the acquisition to be material to earnings in 2006.
About Warner Music Group
Warner Music Group became the only stand-alone music company to be
publicly traded in the United States in May 2005. With its broad
roster of new stars and legendary artists, Warner Music Group is home
to a collection of the best-known record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West, Elektra,
Lava, Maverick, Nonesuch, Reprise, Rhino, Sire, Warner Bros. and
Word. Warner Music International, a leading company in national and
international repertoire, operates through numerous international
affiliates and licensees in more than 50 countries. Warner Music
Group also includes Warner/Chappell Music, one of the world's leading
music publishers.