HitCo Entertainment, the music company launched by Antonio L.A. Reid and Charles Goldstuck in 2017, has been sold to ConcordVariety has learned through multiple sources. Home to such artists as Jennifer Lopez, Saint Jhn, Outkast’s Big Boi, Yella Beezy and Dixie D’Amelio, HitCo had been distributed through ADA.

Concord, a private company funded by long-term institutional capital, in addition to equity holders from Concord’s senior management team, represents close to 900,000 songs and trades in recorded music, music publishing, theatrical and original productions. Headquartered in Nashville, it has additional offices in Los Angeles, New York, London, Berlin and Miami. Its frontline labels include Concord, Concord Jazz, Easy Eye Sound, Fantasy Records, Fearless Records, KIDZ BOP, Loma Vista Recordings and Rounder Records. Its publishing arm owns or administers more than 600,000 copyrighted musical works and represents the catalogs of Benny Blanco, Sammy Cahn, Phil Collins, John Fogerty, Cyndi Lauper, Rodgers and Hammerstein and Ryan Tedder. Although sources say the deal only involves recorded music.

With offices in Beverly Hills, Atlanta and New York, the name and entity HitCo dates back to early in Reid’s career — around 1996. A musician himself (Reid played drums with Cincinatti’s the Deele), in 1989 he co-founded LaFace Records whose roster included several superstar artists, including OutKast, Pink, TLC, Toni Braxton and Usher. Reid’s track record resulted in a joint venture with Arista Records, a label he would later head as president and CEO, succeeding Clive Davis.

Read the full story in Variety.com.