The independent music label responsible for major acts, such as Young Thug and Megan Thee Stallion, has been acquired by Warner Music Group in a nine-figure deal.

WMG announced Thursday that it purchased 300 Entertainment in a deal estimated to be worth “around $400 million.” Co-founder and CEO Kevin Liles released a statement on the acquisition and referred to Warner as “family” and expressed confidence in the company’s ability to expand 300’s impact. As part of the deal, Liles will become the chairman and CEO of 300 and Elektra Music Group. Liles said:

“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. It’s the perfect home for 300 artists and our team, as we invest in our independent vision and grow our global impact. Max, Julie, Gregg, and Mike — these are leaders we know and trust. They understand the value we place on independence, individuality, and creativity. We’re going to accomplish amazing things together and take our artists and labels to a whole new global level.”

Kevin Liles, Lyor Cohen, Roger Gold, and Todd Moscowitz founded 300 Entertainment in 2012 and quickly established itself as one of the premier music labels. The label had already established a relationship with WMG as 300 was distributed by Atlantic Records, whose parent company is WMG. The record label’s current roster also includes Gunna, Tee Grizzley, and Mary J. Blige.