Warner Music Group acquires Megan Thee Stallion's music label

Media company Warner Music Group said on Thursday it had acquired 300 Entertainment, the music label behind artists such as Megan Thee Stallion, Fetty Wap and Mary J. Blige.

A person familiar with the transaction said the deal was worth about $400 million.

300 Entertainment was founded by veteran music industry executives including Lyor Cohen, who is currently the global head of music at Alphabet Inc’s (GOOGL.O) Google and YouTube and was formerly with Warner Music.

The deal would help Warner Music expand the global footprint of 300 Entertainment’s roster of artists.

The label will continue to function independently and be led by its co-founder, Kevin Liles, Warner Music said.