MCA Records has acquired 25% interest in Victory Records
According to Billboard/VNU eMedia, MCA Records has acquired a non-controlling 25% interest in Chicago's Victory Records from label founder Tony Brummel, who owns the remaining interest. Victory reportedly had close to $8 million in revenue last year. According to the report, Columbia was also attempting to acquire the label. Here's a quote from Brummel:
"This deal is not about selling out; it is about selling in. I have found a partner that only wants to help the company and its artists flourish. MCA wants us to do what we do on our own terms but with better resources -- the added support and muscle of the MCA marketing, promotions, systems, and legal staff. They will not be involved in our day-to-day business, leaving control entirely in my hands."
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