The American major would be in pole position to take over Believe, the French music distribution specialist. Independent producers fear “a hostile operation” the Warner Music Group.
A takeover of the French label Believe by the American giant Warner Music Group (WMG) would have “destructive consequences” on employment and creation, alerted the union of independent producers and distributors UPFI on Friday. Believe collaborates in particular with the singer Vianney, the phenomenon Yamê and the rock group Shaka Ponk. Rapper Jul would also be under contract with the label until 2035.
The success of the label caught the eye of the American giant. At the beginning of March, WMG had expressed its interest in this company specializing in supporting independent artists and labels, listed on the stock market in mid-2021 and already coveted by a consortium founded by the boss of Believe himself, Denis Ladegaillerie .
On Monday, Believe’s board of directors invited the major to submit a formal offer by April 7. In a press release on Friday March 29, the Union of Independent French Phonographic Producers (UPFI) states that it wants “alert the public authorities” on “a hostile operation” who, according to her, would have “destructive consequences”.
“A model of success”
“Believe must remain independent” et “embodies a model of success and resistance to the worrying phenomenon of consolidation at work in (the) sector”writes the union, considering that this “rare hexagonal unicorn” also represents a “important voice of French soft power in the cultural field”.
The UPFI also highlights concerns for employment by estimating that the plan to lay off 600 people announced in February by Warner Music – or 10% of its workforce – could “reasonably fear further cuts in the workforce”. At the beginning of March, Warner indicated that it could promote Believe “at a price of at least 17 euros per share”.