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Los Angeles-based Warner/Chappell Music Inc. said Friday that it has acquired Mighty Three Music, one of the last major independent black music catalogues outside Motown.
The price of the sale was not disclosed, but a record industry source close to the deal said Warner/Chappell paid slightly less than $15 million. The Philadelphia-based company owns copyrights to about 2,500 songs, including compositions performed by such artists as the O'Jays, the Stylistics and Teddy Pendergrass.
Warner/Chappell's acquisition of Mighty Three dramatizes the recent scramble by...