Rimas Entertainment acquires ‘significant stake' in Dale Play Records
Rimas Enterntaiment, the label behind global superstar Bad Bunny, has acquired a significant stake in Dale Play Records, one of the leading forces in Spanish-language music.
Rimas issued a press release on Thursday that affirmed a partnership with Dale Play Records. The deal was made in conjunction with Sony Music and its distribution division, the Orchard.
According to the statement, the acquisition 'solidifies a strategic partnership that will expand [Rimas Entertainment's] global reach and commitment to artist development,' which follows 'years of collaboration' between the two labels.
The acquisition effort was led by CEO Noah Assad, who formed the Puerto Rican-based label in 2014 with the goal of bolstering reggaeton and trap acts. Apart from its most popular hitmaker, Bad Bunny, the independent label also represents renowned artists including Arcángel, Cris MJ, Eladio Carrión, RaiNao and Sech.
Dale Play Records was formed in 2018 by Argentine music mogul Federico Lauría. The Argentina-based company is best known for cultivating some of the country's top acts, including Latin Grammy-winning producer Bizarrap, Nicki Nicole and Duki.
'From day one, our mission has been to support and develop artists with authenticity and respect for their identity,' said Assad. 'With Federico and Dale Play, we've built a relationship founded on trust and mutual admiration. This alliance will allow us to break new boundaries and create opportunities for our artists and teams.'
Also credited in the deal is Rob Stringer (Sony Music Group chairman), Afo Verde (chairman and chief executive of Sony Music in Latin America, Spain and Portugal), Brad Navin (CEO of the Orchard) and Jason Pascal (executive vice president for global artist and label partnerships at the Orchard).
'This partnership reflects a journey we have been on for many years with Noah, Jomy [Miranda] and the Rimas team. We share the same vision and values, driven by a passion and a dream to take Spanish-language music and culture to the world,' said Lauría, who will continue as CEO of Dale Play Records.
With existing offices in the U.S., Puerto Rico, Mexico and Spain, Rimas Entertainment will add Dale Play Records' operations in Argentina, along with its offices in Mexico, Spain and Uruguay.
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