Concord has, as expected, fully acquired Los Angeles-based music distribution platform Stem.

MBW’s sources told us earlier this month that Concord was buying the distribution platform, suggesting a high eight-figure dollar deal somewhere above $50 million.

The official announcement of the acquisition today (March 24) reveals that as well as buying Stem, Concord is making an additional investment into Tone, a royalty accounting and financial tools platform launched by Stem’s management team in 2023.

Tone is being spun off and will operate as an independent/standalone business going forward.

Stem itself will now operate as a “separate division” within Concord Label Group.

As a subsidiary of Concord, Stem will be led by its existing CEO, Milana Lewis, and President, Kristin Graziani.