Downtown Music LLC, the privately held parent company of Downtown Records and Downtown Music Publishing, today announced the sale of its recorded music business to cofounders Josh Deutsch and Terence Lam.

According to a statement, the move, effective immediately, will see label and publisher each “further develop stand-alone platforms that can maximize opportunities for their respective artists, clients and shareholders alike.”

Established in 2006, Downtown Records has released albums by artists including Gnarls Barkley, Cold War Kids, Duck Sauce, Justice, Major Lazer, Miike Snow, and Santigold. Following their re-acquisition of the label, Deutsch and Lam will be joined by the entire Downtown Records staff, including GM Michael Pontecorvo.

Downtown Music Publishing will continue to be led by its president, Justin Kalifowitz, along with COO Andrew Bergman and CFO Daniel Lieblein. The publisher and its creative, administration and royalties staffs teams will continue to be managed by Jedd Katrancha, Sean McGraw and Young Hwang, respectively.

Downtown Music Publishing will also continue to operate Songtrust, the rights management platform, dms.fm, its production music library and Downtown Music Studios. Downtown Music LLC will continue to own and invest in Downtown Music Publishing and its related businesses. [Billboard.biz]