Chicago indie label Victory Records is rumored to be on the auction block as talks regarding a potential upstream deal with Warner Music Group have taken a downward spiral. Add to the mix all key employees at Victory who were there during the release of Hawthorne Heights’ “If Only You Were Lonely” have fled the label with the remaining on their way out. Sprinkle some lawsuits from Taking Back Sunday and Hawthorne Heights and what do you get? Firesale or the need for stop-gap financing. Either way, bad news for Brummel and company.
A far cry from 2002′s potentially lucrative deal-gone-wrong with MCA.
Below is the listing from Inc Magazine’s February 2007 issue, under “Companies for Sale”
Music Recording Company – Illinois
Seeking working capitol of $7 MM, the company records and promotes new recordings from established, well known artists as well as purchases existing music catalogs.
Asking: $7 MM
Annual Sales: $15 MM
Contact: Todd Cushing – EBIT Associates LTD