Absolute’s leadership team will fully reacquire the company from Utopia, which has made three major divestments so far this year.
said the divestment was part of an ongoing “strategic evolution” that will see the company “doubling down” on its core service offerings of physical distribution and delivering financial services for labels, publishers and distributors.
“In line with this refined focus,” said Hjelmstedt in a statement, “we believe it’s most beneficial for the Absolute team, led by founders Henry Semmence and Simon Wills, to reacquire the company.” Utopia’s sale of Absolute Label Services is the company’s third major divestment this year and follows several rounds of job cuts and senior executive exits, as well asIn February, Utopia announced that it had sold U.S.-based music database platform ROSTR — which has a directory of artists, managers, booking agents and record labels — back to its founders for an undisclosed sum.
In a joint statement, Absolute’s new owners Semmence, Wills, Cutting and Dowling said they were looking forward to continuing their relationship with all of their artists and labels and elevating “our label services to even greater commercial growth and success.”
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