By at 9:51 AM Friday, November 30th 2012

 

Metallica Takes Ownership Of Their Masters, Announce ‘Blackened’ Music Label

Metallica, Music

 

Metallica has finally announced details of their own record label and it comes with one major twist.

Back in 1994 when the band renegotiated their joint venture agreement with Warner Music Group, it was agreed upon that ownership of their master recordings including all music and long form videos would revert back to the band on November 30th, 2012. James Hetfield said the following thanks to Warner Music Group via press release.

“We would like to thank everyone at the Warner Music Group for 28 years of a fantastic relationship, particularly since 1994 where we truly felt we had partners in every aspect of our business in North America,”

Last month we mentioned how Metallica would be announcing a new record label. That also comes today as the band has shared that all of their music moving forward shall be released on Blackened Recordings. Blackened Recordings will handle all marketing and promotion duties and will enter into a deal with Rhino Entertainment, who will manufacture and distribute its releases in North America. Blackened Recordings will license their releases to the Universal Music Group internationally.

The band’s first release on Blackened will be the live concert video Quebec Magnetic. To check out a trailer for the DVD/Blu-Ray set, click here.

 
 

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One comment
  1. Dann Pate says:

    A joint venture (JV) is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets. There are other types of companies such as JV limited by guarantee, joint ventures limited by guarantee with partners holding shares..^’^

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