GMG Radio sell record division
Ministry of Sound, the UK’s largest independent record company, have acquired the record label Hed Kandi along with the Enterprise Records division of Smooth FM from Guardian Media Group Radio Holdings for an undisclosed sum.
The acquisition includes all associated labels of the GMG Radio Records division including One Two Records.
John Myers, CEO of GMG Radio said “Hed Kandi is a great brand but it is clear to us that it needs to be part of a much larger and experienced record business and this sale will now allow our team to focus on the development of our radio portfolio which is expected to see significant development over the coming months.”
Lohan Presencer, Managing Director of Ministry of Sound Recordings said, “We are very excited at the prospect of bringing our two businesses together. Hed Kandi is a brilliant brand with great integrity, built very skilfully by the team over many years. We look forward to preserving Hed Kandi’s core values while helping to build the business still further.”
Enterprise Records were formerly known as JAZZ FM Records.