RESERVOIR STRIKES DEAL WITH COUNTRY SUPERGROUP ALABAMA
Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir”), an award-winning independent music company, has struck a deal with country supergroup Alabama for the group’s interest in its recorded music rights catalog. The prolific group is among the world’s best-selling bands of all time and is the most awarded band in the history of Country music, with over 200 honors from the entertainment industry’s top organizations. Alabama also set and holds an incredible streak of 21 straight #1s, a record they have held for over 30 years.
Cousins Randy Owen, Teddy Gentry, and Jeff Cook formed Alabama in Fort Payne, Alabama in 1969, originally performing under the name Wildcountry. After changing its name in 1977, the band released their first two singles, which helped earn them a record deal with RCA Nashville. During the 1980s, Alabama landed seven multi-platinum albums and over 27 #1 hits, including “Love in the First Degree” (1981), “Mountain Music” (1982), “Dixieland Delight” (1983), “If You’re Gonna Play in Texas (You Gotta Have a Fiddle in the Band)” (1984), and “Song of the South” (1988). The band’s custom blend of country music, Southern Rock, and elements of bluegrass, folk, gospel, and pop, contributed to their enormous success. To date, the group have sold over 75 million albums and count 11 #1 Billboard Country albums and 33 #1 Billboard Country singles to their name.
Alabama’s prodigious music contributions have been recognized with inductions into the Country Music Hall of Fame and the Musicians Hall of Fame, and honors including three Grammy Awards, RIAA’s Country Group of the Century, and a star on the Hollywood Walk of Fame, among countless others. The band continues to produce records and tour worldwide today.
Reservoir EVP of Creative, John Ozier said, “Alabama is hands down the most successful band in Country music history. The records they have broken will likely never be replicated in any genre of music and it is a true honor to welcome their works to our Reservoir family.”
Added Reservoir Founder and CEO Golnar Khosrowshahi, “Bringing the music of a legendary group like Alabama to Reservoir is an affirmation of our strategy to continue building on our recorded music catalog, and to do so with such undeniably classic songs is incredibly meaningful to us.”
Alabama was represented in the deal by Jess Rosen, Co-Chairman of the Atlanta Entertainment Practice of Greenberg Traurig, LLP, as well as Chris Fazzolari, Managing Director at Gelfand, Rennert & Feldman, LLC.