COME BACK TO THE FIVE & DIME, JIMMY DIENER

When Octone’s deal with the RCA Music Group was about to expire earlier this year, the label’s payout was reportedly just south of $40 million. When RMG rejected that proposal, label chief James Diener opted to bet on the come, buying out RMG and making a deal with Jimmy Iovine’s IGA.

Doug and Jimmy were willing to fork over the dough not only because of Maroon 5 (whose 2002 debut LP, Songs About Jane, sold 4.3 million in the U.S.) and Flyleaf, but also because the powers-that-be saw Diener as a valuable addition to their executive ranks.

A little more than six months later, the deal is looking like a steal.

Maroon 5’s It Won’t Be Soon Before Long debuted at #1 with 427k in sales back in May and continues to be ensconced in the Top 20, now up to 1.2 million and counting.

Now, the label will release a deluxe, special edition reissue of Flyleaf’s self-titled debut, which has sold 725k to date and approaches platinum. The CD will feature exclusive acoustic versions, behind-the-scenes tour footage and acoustic performances, as well as a poster, “All Around Me” ringtone and wallpaper.

The Texas-based band’s album originally came out in 2005, and the group has performed on Jimmy Kimmel Live and Last Call with Carson Daly, as well as on this summer’s Warped Tour. Their third single, “All Around Me,” is currently Top 10 at Modern Rock.

Meanwhile, The Hives will be the first IGA/UMG artists to be newly released on A&M/Octone with The Black and White Album, on Nov. 13.

The band, now managed by music biz vet Danny Goldberg, recorded most of the album in Oxford, MS, with producer Dennis Herring, although hip-hop icon Pharrell Williams helmed two of the tracks.

The song, “Tick Tick Boom,” is already being used by the NFL, MLB, ESPN and WWE, and the band will be featured via green screen animation on Cartoon Network’s new fall special Fall Is Just Something That Grownups Invented.