Scooter Braun's acquisition of Big Machine Label Group -- and the master recordings for Taylor Swift's first six studio albums -- is music's most compelling transaction so far this year. But, aside from the controversy, the deal was utterly normal from a financial point of view.
Scooter Braun and Scott Borchetta pose for a photo at a private residence on June 28, 2019 in Montecito, Calif.'s first six studio albums -- is music's most compelling transaction so far this year. The $300 million price tag for the Nashville-based "major indie" company is triple what BMG paid for another large Nashville indie label -- BBR Music Group, home of Broken Bow Records -- in 2017.
Big Machine reportedly had earnings of $40 million a year. In this case, earnings are measured before interest, taxes, depreciation and amortization . So, BMLG cost about 7.5 times EBITDA. That's in the sweet spot of music acquisition multiples. For example, Access Industries paid $3.3 billion, or 8.4 times EBITDA, for Warner Music Group in 2011. Eight years earlier, Warner was acquired by eventual CEOThe outlier is Terra Firma's 2007 purchase of EMI Music.
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