Firm's artists include Judas Priest, Page
BERLIN — German/U.S. entertainment company IN-Motion has announced that it is buying a 51% stake in Hanover-based record label SPV.With annual revenues of some DM50 million ($22 million), SPV is one of Europe’s top-10 indie record companies. Artists include Judas Priest and Jimmy Page. SPV is the second record label IN-Motion has acquired since it went public earlier this year. In October, it took a majority stake in U.S. rock-music label Trauma Records, expanding beyond its core dance and pop base. Company has also signed a cooperation agreement with U.K. trend/lifestyle label Ministry of Sound, which it will rep in German speaking territories. It will also launch a Ministry of Sound record label in these countries. Music, film and television production and distribution are IN-Motion’s core businesses. Company presented its annual figures Thursday in Frankfurt, announcing revenues of $50 million and profits of $7 million for the fiscal year ended Sept. 30. IN-Motion said it had $275 million available in liquidity. Company is backed by its film fund partner the World Media Fund. It also has $38 million left in the bank from its IPO.
Follow @Variety on Twitter for breaking news, reviews and more