Veteran rock label Loud & Proud Records has found a new financial backer in Magna Entertainment, the investment firm whose portfolio includes direct-to-fan platform PledgeMusic. The companies announced the financial alliance on Wednesday, adding that Magna's support will primarily be used for expansion efforts and to beef up artist development at the label.
Loud & Proud is led by Tom Lipsky and has a roster that includes Lynyrd Skynyrd, Blues Traveler, The Winery Dogs, Rick Springfield and the Delta Saints, among others. Lipsky founded the rock-heavy imprint in 2007 after exiting Sanctuary Records Group, where he was president and CEO.
“Our partnerships with artists are true and transparent, so we’d naturally be looking for these same values from an investment firm," Lipsky said in a statement. "Finding a balance between being a savvy investor as well as artist-friendly is no simple task, but the Magna team treads those waters with ease."
Financial particulars of Magna's investment in Loud & Proud were not disclosed.
Magna Entertainment has invested approximately $300 million across public and private markets since forming in 2009. Led by ex-musician Joshua Sason, Magna's investments include the film Bleed For This and PledgeMusic, of which it acquired a "major position" in last year.
"We saw an opportunity to work with a great team, build a wonderful relationship with Loud & Proud and design a financial structure that gives Tom the freedom to do what he does best. We’re thrilled to be a part of the label’s growth," commented Andrew Kotliar, portfolio manager of Magna Entertainment.
