Kevin "Coach K" Lee and Pierre "P" Thomas, the founders of Quality Control, just made a whole lot of money.
Variety reports that Scooter Braun’s company HYBE America acquired the label for a deal that's valued at $320 million in stock and cash.
“I am so proud and honored to have Coach and P join Bang and I as our partners,” said Braun in a statement. “QC is one of the most significant independent labels in the world, working with incredible artists who are, and remain to be, the voices of culture. I’ll never forget riding around Atlanta over 20 years ago with Coach discussing our dreams and ambitions and how we said ‘If they let us in the game, we are never going to give it back.’ Now, all these years later, we are joining forces to make these dreams a reality.”
Artists on Quality Control include Migos, Lil Baby, the City Girls, as well as Lil Yachty. And the label will still be working with Universal Music Group as it did before.
"It’s important to me and my team that P and Coach continue to have the freedom, and now our global resources, to continue to do what they do best; facilitate and nurture great art and culture," stated Braun.
News of the acquisition comes on the heels of Quality Control cooking up a deal with Warner Music Group, so the label has obviously been making a lot of moves behind closed doors.