BIG MACHINE MOVES INTO BRAUN'S GARAGE

Remember when we wondered why Scooter Braun and Scott Borchetta were meeting in Nashville? Turns out Braun has purchased Borchetta’s Big Machine Label Group.

The Wall Street Journal reported that the price was more than $300m.

Borchetta will remain President/CEO of the label and join the board of Braun’s Ithaca Holdings. Big Machine’s roster includes Sheryl Crow, Lady Antebellum, Thomas Rhett, Florida Georgia Line and Taylor Swift’s first six albums. Big Machine and Braun’s Schoolboy Records are both distributed by Universal Music Group.

In the weeks before the deal was announced, Braun added Demi Lovato and J Balvin to his star-studded management stable.

Carlyle Group, a minority investor in Ithaca, will pony up more cash, giving Ithaca a valuation of more than $800m, the Journal reported.

"I couldn’t be happier," Braun told HITS. "I have the perfect partner in Scott Borchetta. He is brilliant and together we can build something very special."

"The idea of Scott and I working together is nothing new, we've been talking about it since the beginning of our friendship," Braun added in a statement. "I reached out to him when I saw an opportunity and, after many conversations, realized our visions were aligned. He's built a brilliant company full of iconic songs and artists. Who wouldn't want to be a part of that? By joining together, we will create more opportunities for artists than ever before, by giving them the support and tools to go after whatever dreams they wish to pursue."

"Scooter and I have been aligned with 'big vision brings big results' from the very first time we met in 2010," added Borchetta. "Since then, I have watched him build an incredible and diverse company that is a perfect complement to the Big Machine Label Group. Our artist-first spirit and combined roster of talent, executives, and assets is now a global force to be reckoned with. This is a very special day and the beginning of what is sure to be a fantastic partnership and historic run."

Borchetta told WSJ that joining Braun’s company will help BMLG grow, as country music has been slower than other genres to embrace streaming.

“As country catches up, we’re able to plug into a pop landscape that will turbocharge opportunities for these artists,” he said.

Added Braun, “We decided to build our own thing that makes us part of the global conversation. We’ve got a seat at the table.”