Beggars Group tightened its grip on XL Recordings last year, grabbing a majority stake. The indie giant paid 2.6 million pounds to XL co-founder Richard Russell back in October, bumping its share from fifty to fifty-one percent. This move turns XL, home to artists like Adele and The Prodigy, into a direct subsidiary.
In a separate ownership shuffle, founder Martin Mills transferred his shares into a trust called the MM Settlement Trust. Company leadership stated this was meant to lock in the label's independence for the future. Meanwhile, XL itself took majority control of the Young Recordings label, which handles acts like The XX, and absorbed a couple of other publishing entities within the Beggars ecosystem.
The financial filings valued XL's net assets at over 210 million pounds. Beggars Group, which also fully owns 4AD and holds stakes in labels like Matador, reported its annual revenue climbed to nearly 110 million pounds. Their operating profit saw a sharp rise, jumping almost fifty percent.
In a separate ownership shuffle, founder Martin Mills transferred his shares into a trust called the MM Settlement Trust. Company leadership stated this was meant to lock in the label's independence for the future. Meanwhile, XL itself took majority control of the Young Recordings label, which handles acts like The XX, and absorbed a couple of other publishing entities within the Beggars ecosystem.
The financial filings valued XL's net assets at over 210 million pounds. Beggars Group, which also fully owns 4AD and holds stakes in labels like Matador, reported its annual revenue climbed to nearly 110 million pounds. Their operating profit saw a sharp rise, jumping almost fifty percent.
