Warner buys Rykodisc

Continuing in a string of major label mergers and acquisitions, Warner today announced the acquisition of Rykodisc. Rykodisc, founded in 1983, first gained success through Elvis Costello and Frank Zappa and boasts a welath of strong catalog titles from Bob Mould, Mission of Burma, Meat Puppets, Sugar, The Replacements, Flaming Lips, Misfits and many others. Besides it's catalog business, the label acts as a distributor to labels like Restless Records,

Warner paid $67.5 million for the independent label, and explained the acquisition:

Recognized as a leader in independent music with a diverse catalog spanning many musical genres and eras, and an award-winning independent distribution company and label, Ryko is a perfect complement to WMG's existing businesses. By applying WMG's marketing expertise, strength in the digital space and its leading position in U.S. independent distribution, we're confident that we will be able to maximize Ryko's value. We look forward to working with Ryko's talented and passionate team in realizing Ryko's potential.

You can visit out Rykodisc page for recent coverage of the label.