On April 6 Sony Music Entertainment announced that it has reached a final agreement with Globo to acquire the Brazilian independent music company Som Livre. The cost of this transaction is approximately US$255 million.
Som Livre will become a new independent creative center within Sony Music, and Marcelo Soares will continue to serve as Som Livre’s CEO.
Sony stated that Som Livre is a diversified music entertainment company that has been committed to developing mainstream music in Brazil for a long time.
It is also responsible for the planning and organization of several music festivals in Brazil, including Festeja, the largest Sertanejo music festival in Brazil, and it is also a Brazilian independent operator of Fluve, a music distribution platform serving labels and artists.
(Via)
