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Senior sources close to the sale by Utopia Music AG of Sentric Music to Believe SA have confirmed that Utopia is waiting for “up to” €7 million in funds to be released from escrow. These funds will be released “on completion of paperwork”, some of which is “reliant on third
Utopia Music undergoes fresh round of job cuts, eliminating around 15% of its global workforce, co-founder Mattias Hjelmstedt said in a staff memo.
Believe is acquiring full ownership of Sentric Music Group from Utopia Music.
Trouble is brewing for the headquartered tech and artist services company in Sweden…