New York-based independent music company Reservoir has acquired influential hip-hop and electronic record label Tommy Boy Music for $100 million. In addition to various business activities, Reservoir represents a multitude of recorded music through Chrysalis Records and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
According to Reservoir, the deal comprises 6,000+ masters including Coolio’s “Gangsta’s Paradise,” House of Pain’s “Jump Around” and Afrika Bambaataa & The Soulsonic Force’s “Planet Rock.”
Tommy Boy’s impact on electronic music is huge. The label founded by Tom Silverman in 1918 (Disclosure: Silverman published Dance Music Report, a trade magazine I worked at back in the day. During my tenure, I never met or spoke with Silverman) released iconic albums by LFO, Coldcut and 808 State, as well as releases by Latin freestyle acts TKA, K7 and Information Society.
A representative for Reservoir has told Variety that the new label ownership will bring the De La Soul catalog to streaming platforms after a few false starts. “We have already reached out to De La Soul and will work together to bring the catalog and the music back to the fans.”
The groundbreaking New York rap trio has objected to their music being made available on streaming services because per a contract they signed as teens only 10 percent of the revenue generated from the music streams would go to them.