Pryor Cashman represented Miami-based Codigo Entertainment in the sale of Fania Records and Publishing, a famed independent Latin music company, to Concord Music. The sale, which closed July 27, included approximately 19,000 master recordings and 8,000 compositions by such iconic Latin and R&B artists as Celia Cruz, Willie Colón, Héctor Lavoe and Rubén Blades.
Even passive listeners (and anyone who has ever attended any party, birthday or wedding) would recognize the song “I Like It Like That,” — either the original or the reinterpreted version by Cardi B — which is one of the many famous songs in the Codigo catalog. (The song was recorded by Pete Rodriguez more than 60 years ago.)
The New York Times reported that the deal includes about 3,000 albums and has an estimated value of $30 million.
Concord CEO Scott Pascucci told Variety: “We are huge fans of Fania and its extraordinary musical legacy. As investors, the acquisition makes sense because of the growth in streaming and the demographic shifts in consumption — and we want to be at the forefront of investing in that shift. But, more importantly, we love the music and couldn’t pass on the opportunity to bring the music to future generations around the world.”
Pryor Cashman has offices in New York and Los Angeles. Leading Codigo’s representation was John Crowe, Co-Chair of Pryor Cashman’s Corporate and M&A Groups, along with Ronald Shechtman, Counsel Matthew Young, Corporate Associates Michelle Pham and Bridget Henwood, Tax Counsel Rebecca Schmutter and Associate Taylor Weinstein.
