(
)
Glassnote, one of America’s most successful independent music labels, is being courted by several suitors eager to cash in on the firm’s ability to take fringe acts mainstream, The Post has learned.
Glassnote, the label behind the Grammy-nominated folk-rock act Mumford & Sons — which saw its second CD, “Babel,” shoot straight to No. 1 this fall — is not on the block, but suitors are hoping to persuade Glassnote founder Daniel Glass to sell a piece of the action, several music industry executives said.
“Everyone is offering him some kind of equity and/or distribution deals, and allowing him to potentially start a more mainstream label,” said one source involved in the talks.
“There is a bidding war over him,” the source added. “He’s had some incredible success, and the feeling is now is the time to approach him.”
Glass downplayed the talks, telling The Post they were in the very early stages.
“Yes, people are courting us — are we interested?” Glass asked. “We’re not focusing on it. It’s hard to concentrate when you’re getting ready for new music.”
All three majors — Universal, Sony and Warner — are involved as are firms outside the industry, one source added. Reps for the companies declined to comment.
One early offer was said to be around $20 million for a 49 percent stake in Glassnote plus a distribution deal, said a source.
Perhaps sparking the talks is the fact that Glassnote’s distribution deal with Sony’s RED is up for renewal in early 2013.
Glass stressed, “There is no sale. We’re in the baby stages. Most of our acts are on their first or second record.”
Mumford & Sons’ “Babel” became the biggest debut of this year when it dropped in September, selling 600,000 units in its first week.
Glass, the controlling shareholder of the 6-year-old independent label, wouldn’t say whether he has other investors or provide financial details.