Sony set to acquire French music company Believe Digital

Last month saw news come forth that Sony was reportedly interested in acquiring the French music company Believe Digital. Now, it appears that the deal is all but done, with Sony set to acquire Believe Digital for a nine-figure sum.

As Nikkei reports, Sony is in the end stages of negotiating a deal to acquire the French service for an estimated 40 billion yen to 50 billion yen (USD $355 million to USD $444 million). The deal is reportedly set to be closed by as early as this year, and will grant Sony a majority stake in the company for the sale price.

Believe Digital founder, Denis Ladegaillerie, was asked earlier this year by Music Business Worldwide earlier this year about the potential sale. “Believe has been profitable for six years, we don’t need [more] cash to support and develop the business,” Mr. Ladegaillerie said. “If we get an offer that we can’t refuse tomorrow, like anyone else, we would consider it, but it’s not been the case so far.”

Founded in 2005, Believe Digital has long served as a leading distributor for independent artists and labels. Their market share in the distribution field was greatly expanded thanks to their acquisition of TuneCore in April of 2015.

The Industry Observer has reached out to Believe Digital for comment on the sale.

This article originally appeared on The Industry Observer, which is now part of The Music Network.