Arnon Milchan’s New Regency Enterprises has acquired indie label Restless Records. The deal gives the producers of such films as “Tin Cup” and “JFK” an in-house outlet for soundtracks, while the burgeoning label gets linked with a formidable company with expanding interests.
The label, which is home to Lori Carson and Spain, as well as catalogue offerings from Flaming Lips and the Replacements, has also inked a distribution pact with BMG Distribution.
The label had been distributed through Alternative Distribution Alliance, a Warner Music Group- affiliated outfit.
“This move, together with significant investments in A&R and promotion, enables us to boldly enter the music business with credibility and an eye toward future expansion,” said Milchan.
He noted that “Restless is poised for significant growth with (its roster of artists)” and described BMG as “widely regarded as among the best distributors in the music business.” The Restless deal had been expected (Daily Variety, Oct. 4).
Beginning in April, BMG will relaunch the Restless catalogue which also sports discs from the Dead Milkman, They Might Be Giants and Babes In Toyland, among others.
“We feel this is a natural evolution for the label in order to sustain the momentum we’ve been generating during the past several years,” said Joe Regis, co-prexy and CEO of Restless. “With Regency and BMG to lend support in the years ahead, we can focus on what is most important: the music.”
The deal marks the latest high- profile spending by Milchan.
Most recently, New Regency inked a $60 million pact with athletic apparel maker Puma and a deal with TriStar Television.
During the year, Milchan became partners with Australian media mogul Kerry Packer, Samsung Electronics and European programmer and station owner Kirch Group.
Regency, through its distribution deal with Warner Bros., has also produced “Pretty Woman,” “A Time To Kill” and the two “Free Willy” pics, among others.