Believe Digital and its TuneCore division have not been sold to Sony, as widely reported based on a story in the Nikeii Asian Review, according to the company's CEO. An approximately $400 million price tag had been put on the supposed sale.
Reports that “we have concluded a deal with Sony to sell Believe are absolutely not true,” Denis Ladegaillerie, CEO of the French distribution and label services company Believe was telling any media outlet that would listen yesterday.
Instead, Believe is looking for funding to fuel acquisitions and further expansion.
“Our focus is on how do we grow and build the business,” the CEO told Billboard. “In that regard, we are having discussions with a handful of strategic players that understand the changing dynamics in the artist and label services market, share our business philosophy - serving artists and labels in a way that’s transparent, global and fair – and where we see a strong strategic fit to better serve artists and labels.”