Durham's influential music label Merge Records sells 50% stake in company
Why it matters: Founded by Mac McCaughan and Laura Ballance as a way to release the music of their own band, Superchunk, Merge has become a powerhouse in the industry, putting out records by bands like Arcade Fire, Spoon, Neutral Milk Hotel and the Magnetic Fields.
It's also an important incubator of the Triangle's own music scene, bringing its artists through the area's venues and giving local bands like Hiss Golden Messenger, Rosali and H.C. McEntire a launchpad to new audiences.
Driving the news: On Tuesday, Merge announced it had sold a 50% stake in the company to Indiana-based Secretly Group, which owns several other record labels, like Dead Oceans, Jagjaguwar and Secretly Canadian.
Zoom in: Merge will continue to operate as a standalone label in Durham as part of the deal, with McCaughan continuing to serve as label president and head of A&R (Artist & Repertoire).
Ballance, however, will be leaving the music business following the deal.
In a statement, Secretly co-founder Phil Waldorf said his group reached out to Merge about a new partnership when it first heard Ballance was looking to leave the business.
What they're saying: "It was never my goal to start a record label when I was 21 and run it for the rest of my life," Ballance said in a statement, noting she has other creative endeavors she would like to pursue.
"Merge Records started as a literal bedroom label, in my bedroom, and lived there for a few years before we were able to give it some space of its own," she added. "It has always been a labor of love. I am going to miss it and all the people and bands tremendously."
Between the lines: The deal gives Merge access to Secretly's worldwide distribution networks as well as access to more resources for operations like accounting, artist royalties, business affairs, licensing, IT and HR.
Representatives for Merge were not immediately available for an interview, but last year McCaughan told Axios running a music label has become even more complex in the era of streaming.
"What's still great about having a record label is the artists that we get to work with and hearing someone's new album when it's finished," McCaughan said last year.
"But, you know, the business of trying to get those bands heard by the most people and trying to sell records enough so that those artists can make a living or even just break even on tour has become really frustrating," he added.
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