eOne Music officially changed its name to MNRK Music Group
In late April, agency Harry Fox and SESAC owner The Blackstone Group (NYSE: BX) agreed to buy Hasbro’s eOne Music – including Dualtone Records and the legendary Death Row Records – for $ 385 million. . Now eOne Music has been renamed MNRK Music Group.
eOne Music unveiled the name change, which is “effective immediately”, via an official release today. The new track – “pronounced Monarch as the butterfly” – is intended to celebrate “the company’s legacy as it becomes a world leader in independent music,” senior executives said. Regarding the scope of the corresponding expansion plans, MNRK Music Group said it already has offices in New York, Los Angeles, Toronto, Nashville, Miami, London, Hamburg and Melbourne.
Additionally, MNRK Music Group is now poised to “operate as a self-sustaining, consolidated music company focused on recordings, editing and artist management.” Chris Taylor, who began leading the company in 2016, will remain President and CEO. And in a statement, Last Gang Entertainment founder Taylor highlighted the “incredibly resource-rich” nature of Blackstone, which had $ 684 billion in assets under management in the second quarter of 2021.
“Our migration as a premier destination for musical talent is taking a giant leap forward today with a new name and new owners who are incredibly well-resourced and as excited about the opportunity as we are. We are ready to fly! said the longtime music industry lawyer.
MNRK Music Group is also expected to continue to work “closely with eOne’s television and film divisions,” according to executives. By the way, Hasbro officially closed its $ 3.8 billion purchase of mainstream Entertainment One at the end of 2019. Separately, Hasbro competitor Mattel today revealed that its Fisher-Price division has released a set of Rolling Stones figures.
Ongoing MNRK-Entertainment One partnership includes soundtracks for recently released Netflix My little pony: a new generation and Starling, in addition to the music of a 17-year-old children’s cartoon Peppa Pig.
And on the artist side, MNRK clarified that its “award-winning music list” includes The Lumineers, Brandy, The Game, Blueface and Juicy J, with management clients such as Kaytranada, Lupita Infante and Powfu. Finally, the company has stakes in song publishing by artists such as Mariah Carey, Celine Dion (misspelled “Dionne” in the release) and Cardi B.
MNRK’s efforts to develop a greater presence in the music industry come as each of the three majors – Universal Music, Sony Music and Warner Music – saw double-digit revenue growth from a year ago on the other in 2021.
Additionally, BMG, which bills itself as “the fourth largest music company in the world,” also reported double-digit revenue growth in the first half of 2021, as did Reservoir and BTS agency Hybe.