TBG ENTERTAINMENT
Diamond Music Group and TBG Entertainment Join Forces
By Bill Chapel
NASHVILLE - TENN, – Diamond Music Group (DMG) and TBG Entertainment jointly announced today an agreement has been reached to merge their music businesses into a joint venture.
Currently, no negotiations have been made for acquisition for either company to purchase the other. The companies have joined forces to broaden the spectrum equally for music production and artist development. Each company will still maintain their own artist roster while sharing the responsibilities of a select group of artists from both labels.
The move comes as record companies worldwide try to find ways to strengthen company growth while offsetting the losses from a poor economy and illegally downloaded music on the Internet. High production costs as well as radio play and promotional control by the big four labels have also contributed to losses in music sales with only four record labels dominating the music business.
TBG Entertainment music division and video divisions have contracts with such artists as Gary Helms and Dave Pendergraft have managed to maintain a level heading without much loss or gain. Diamond Music Group who launched artist Todd Fritsch before parting ways in 2008 has shown a slow and steady gain. Merging production and promotion should offset losses that have resulted in delayed album releases.
In making the announcement about the merge with Diamond Music Group, Richard Voss, chairman and chief executive officer of TBG Entertainment, said, "We are excited about the merger with Diamond Music Group and their very talented team of professionals. We look forward to building an incredible roster of new and upcoming talent as well as producing top selling acts who will be successful in the future."
Doug Deforest founder of Diamond Music Group went on to say “Building Diamond Music Group wasn’t real difficult when we all enjoy what were doing. I’m proud of the phenomenal artists we’ve been associated with, I am looking forward to opening the door to the talent TBG Entertainment is bringing on board”
No layoffs are expected at Diamond Music Group or TBG Entertainment as both companies prepare for the transition.
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