Warner Music Group have acquired record label 300 Entertainment, which is home to Young Thug, Megan Thee Stallion and Waterparks.

According to reports the deal was rumoured to have cost Warner around $400million (£301million).

As part of the deal, 300 Entertainment’s CEO Kevin Liles will now become chairman and CEO of both 300 and Elektra Music Group, which includes Fueled By Ramen, Roadrunner Records and Travis Barker’s DTA Records.

According to a press release, ”300 will retain its independent identity, and the entirety of its team will continue to occupy separate headquarters in New York.”

Just because you’re independent doesn’t mean you have to do it alone.

— Kevin Liles (@KevinLiles1) October 28, 2021

“At 300, we’re all about freedom – the freedom to create, the freedom to be intrapreneurs and entrepreneurs, the freedom to make music that changes the world. Independence is in our DNA and the team at Warner is like family, which makes this a natural evolution for us to do bigger family business,” Liles said about the deal.

“It’s the perfect home for 300 artists and our team, as we invest in our independent vision and grow our global impact. We’re going to accomplish amazing things together and take our artists and labels to a whole new global level,” he continued.

Max Lousada, CEO or Warner Recorded Music, added: “The 300 team has built an extraordinary brand, attracted a dynamic community of artists, and led the way for a new generation of labels. We’ll bring their artists and team a whole universe of opportunities to ignite passionate fanbases and develop long-term careers. “

Also signed to 300 Entertainment are the likes of Fetty Wap, Gunna, The Hunna and Anna Of The North.

Megan The Stallion recently signed a deal with Netflix to create and executive produce a television series and other projects for the platform.

“I’ve always had a passion for telling creative and entertaining stories, so I’m thrilled about this partnership with Netflix,” Megan said. “Venturing into production is the next step in my journey as an entrepreneur and I can’t wait to bring all my ideas to life and for my Hotties to watch.”