The Portland, Oregon based rock and metal label Rise Records has been bought by BMG according to a report at Music Business Worldwide.
Rise Records was founded in 1991 by Craig Ericson and is home to the likes of Of Mice & Men, The Devil Wears Prada and PVRIS, as well as new supergroup Teenage Time Killers. The two parties have reportedly agreed a multi-million dollar deal.
The move makes BMG the UK’s fifth biggest record company following it’s recent acquisitions of UK-based label Infectious, the US-based Vagrant Records and catalogue specialist Union Square Music.
The deal sees BMG fully acquire Rise, but the label will continue to be run by Ericson from Rise’s existing Portland offices. BMG will provide back office functions and give Rise artists access to its international network.
Craig Ericson, President of Rise Records, said, “I’m thrilled to work with BMG and I know Rise Records and its bands will benefit greatly from this new partnership.”
BMG CEO Hartwig Masuch said, “BMG continues to invest in the future of the music business.
“We believe music offers tremendous potential – provided you recognise the rules of the game have changed.
“An innovative company like Rise Records is an ideal match for BMG.”