Concord Music has completed its acquisition of the Razor & Tie label, the companies confirmed to Variety today. Terms of the deal were not disclosed, although Concord COO Glen Barros denied reports that Razor & Tie will be shut down.
“There may be some continued integration into our overall structure, we’re sorting through that right now,” Barros told Variety. “But we’re not making any massive changes or shutting down Razor & Tie.” Cofounders Cliff Chenfeld and Craig Balsam will remain with the company through the middle of the year, he said.
Multiple sources tell Variety that staffers have been told to expect layoffs company-wide.
The company sold 50% of its operations to Concord in 2015. The remaining equity was recently acquired by Concord, Barros and Chenfeld confirmed. Razor & Tie’s additional assets include a music publishing division, launched in 2007, and Washington Square Records, primarily a label for alternative acts.
Razor & Tie was founded in 1990 by Balsam and Chenfeld, who met as students at New York University and formed the company while both were working as attorneys. While the label has traditionally been rock and hard-rock focused, by far its most successful project has been the “Kidz Bop” compilation series, which launched in 2001 and features children singing contemporary hits. The series has sold more than 20 million albums. The label’s current roster includes The Pretty Reckless (pictured), All That Remains, The Sword and Sons of Texas.
Chenfeld declined to shed any light on his and Balsam’s future plans, saying “We’re just excited.”