Music Business Worldwide is reporting that Believe Digital has acquired a majority stake in 31-year-old rock and metal label, Nuclear Blast, for what MBW understands is an eight-figure sum.

The wide-ranging deal sees Believe become a distribution partner and shareholder of Germany-born Nuclear Blast - one of the biggest existing label brands in rock music. Company founder Markus Staiger also remains a shareholder.

In a joint statement, Believe and Nuclear Blast said their new ‘strategic alliance’ would ‘use [our] combined capabilities… to further strengthen the services rendered to artists and develop new artists’.

Thorsten Freese, Managing Director of Believe Digital Germany, said: “Nuclear Blast has the most prestigious roster of hard rock and metal artists in the world. These artists are served by a team of passionate and dedicated staff. Because we share this passion and dedication, we are very excited to establish this alliance with Nuclear Blast and service the careers of their artists and develop new and exciting talents with their team.”

Markus Staiger, founder and CEO of Nuclear Blast: “We have known for a long time that we needed to respond to the changes in the music industry. We are also aware that we need to move away from the idea of conventional collaborations in order to continue to be a world-class force, especially in the digital market. We have found the ideal partner with Believe Digital to lead Nuclear Blast and its artists into the future”.

Read more at Music Business Worldwide.