Music Label News Rules The Day- Lyric Street To Close And Rounder Gets Sold

Wednesday's big news wasn't directly about artists- but certainly affects several artists- as it was announced that Disney's country label, Lyric Street will be closing and Rounder Records would be sold to the Concord Music Group.

Disney Music Group (DMG) announced today that they will close operations at Lyric Street Records, DMG’s label presence in Nashville.

“The Lyric Street team has had an amazing run, building a slate of well-known artists including the superstar act, Rascal Flatts,” said Bob Cavallo, Chairman of Disney Music Group. “But given the changing nature of the music business and the more streamlined priorities of the Studios, we need to find alternative ways to create and market new artists and their music to consumers. I’m tremendously proud of what the team has accomplished.”

The closure of Lyric Street will be phased, keeping a core promotions team in place to continue to market and promote the label’s current records. Rascal Flatts will be transitioned to another DMG label in order to focus attention on the successful launch of their upcoming fall album.

Since opening in 1997, Lyric Street Records has been the home to multi-platinum artists Rascal Flatts and SHeDAISY. Other artists include Aaron Tippin, Love & Theft, Sarah Buxton and newcomers Tyler Dickerson and Kevin Fowler as well as American Idol alums Josh Gracin and Bucky Covington.

In other news, the Concord Music Group has acquired the legendary independent label group Rounder Records.

The acquisition of Rounder's 3,000 masters combined with Concord Music Group’s catalog of more than 10,000 master recordings strengthens the labels status as one of the world’s most significant independent record companies. Rounder’s creative and marketing functions will continue to be based in Boston and its founders Ken Irwin, Bill Nowlin and Marian Leighton Levy will remain eith the company in a creative and advisory capacity.

The company’s senior management will also remain in place: John Virant will continue as the President of Rounder; Sheri Sands will stay on as General Manager. Operating synergies will be achieved by combining the sales, administrative and support functions of the two companies.

Rounder, founded in 1970 by Cambridge folkies, Irwin, Nowlin, and Leighton Levy, has been at the center of nearly all of the American roots revivals. Celebrating its 40th year as the world’s leading American roots music label, has been a major force in a broad range of musical genres including bluegrass, Americana, singer-songwriter, Cajun & Zydeco and children’s music. Catalog and current artist roster include Alison Krauss,Mary Chapin Carpenter, Béla Fleck, Steve Martin, Madeleine Peyroux, Robert Plant, Raffi and country legend Willie Nelson, to name just a few.