It was announced today that Shock, Australia’s largest independent entertainment company, has been acquired by its CD/DVD manufacture Regency Media.
From the press release:
“Regency Media will acquire the assets of Shock, following the collapse of bank funding due to the global financial crises and tough market conditions.”
“The market needs a strong Australian owned company to support local industry. Regency and Shock will now give artists an even greater opportunity to compete on the world stage, while continuing to provide a solid home for our international partners,” said Regency Media’s Managing Director, Fiona Horman.
“Shock has a twenty-two year history of supporting over 15,000 artists, including 1,500 locals generating over AUD$200 million in royalties paid to date,” said Shock Chairman David Williams.
“Regency and Shock will give local artists an even greater opportunity to sell their talents, as we will have the complete supply chain from studio, manufacturing, distribution and marketing,” David added.
“Regency Media has been manufacturing for Shock over many years, so we are pleased that we can be their ‘white knight’ and now work together as a united team and build on our existing relationship,” said Horman.
Both companies will continue to operate under their existing names of Shock Entertainment and Regency Media.
Shock’s publishing arm Shock Music Publishing suddenly announced in June it was going into liquidation due to “the GFC and prolonged tough trading conditions, coupled with ever changing consumer behaviour”.