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Blackwell and Palm will continue to oversee Palm Pictures’ film and music operations, its Japanese animation division Manga and its online operation Sputnik 7.

BLACKWELL SELLS RYKO
BACK TO BANK

Catalog And Distribution Company Palmed Off On Investors Chase Capital
Three years after acquiring Rykodisc for a reported $35 million, Chris Blackwell’s Palm Entertainment has decided to split up its alliance with the independent record label and music distribution company. The two will now operate as separate entities.

As part of the move, Palm sold Rykodisc back to investors Chase Capital, who last year were instrumental in providing Palm Entertainment with $100 million in new funding earmarked for expansion.

Blackwell and Palm will continue to oversee Palm Pictures’ film and music operations, its Japanese animation division Manga and its online operation Sputnik 7.

Rykodisc, to be run by Sam Holdsworth, who came to the company from Chase Capital, will retain Ryko Distribution, publishing company Ryko Music and the Rykodisc imprint.

Palm had merged with Ryko in August 1998 to gain a stable of catalog artists. The deal was reportedly for $35 million in cash and stock options. With that acquisition, Blackwell helped secure the catalogs of Frank Zappa, Morphine and Bruce Cockburn, among other acts.

Launched in 1998, Blackwell's Palm was his return to the industry after well-publicized disagreements with Island’s then-parent PolyGram's top dog, Alain Levy, resulting in Blackwell's 1997 departure from that group.

In May 2000, Palm received $100 million in funding from Chase Capital Entertainment Partners, Chase Capital Partners, WaterView Partners and computer retailer Ted Waitt of Gateway.

"The financing enables us to acquire some catalogs as they grow available," Blackwell said then. "I am delighted to receive such financial support for Palm as we move ahead as a creative independent in this exciting era of digital development and ingenuity. Buy lots of tech stocks, everyone!"

As part of the new arrangement, Palm music and DVD product will continue to flow through the Ryko Distribution system.

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