ARTISTDIRECT RECORDS, BMG STRIKE UP AGREEMENTS

ArtistDirect Records and BMG announced today they have entered into a North America distribution agreement and worldwide license arrangement.

Under the terms of the agreement, BMG Distribution will distribute the label's releases in North America, and BMG will license ArtistDirect repertoire in territories throughout the world. BMG will also acquire a minority stake in ArtistDirect Records and provide certain funding for the label. Specific terms of the deal—or at least more specific terms—were not disclosed.

"I am very excited about ArtistDirect aligning itself with what is probably the best distribution machine in North America," said ArtistDirect CEO Ted Field. "We highly value the expertise BMG has throughout the world and know it will play a significant role in our ability to break new artists."

"BMG is pleased to participate in the growth of ArtistDirect and excited to join forces with a creative leader of Ted Field's caliber and track record," said Bob Jamieson, President and CEO, BMG North America. "This agreement will compliment our A&R activities in markets around the world."

The first CD release under this agreement will be Fast, the debut by singer/songwriter Custom, due in early 2002. Subsequent releases by ArtistDirect Records, including NAAM Brigade, The Blood Brothers and Pokafase, are also scheduled for next year.