A&M's long history dates back to 1961, when Jerry Moss (of Keen Records) and Herb Alpert each invested $100 and formed Carnival Records to release the latter's "Tell It To the Birds". After selling the single to Dot Records, the proceeds were used to establish a recording studio and launch A&M Records. After originally focusing on a middle-of-the-road sound, the label began branching out by signing Contemporary Folk and Rock artists in the late 1960s. With their label's success, A&M opened regional offices across the globe. At the close of the 60s, A&M Records Ltd. was founded in London, England, followed several months later by A&M Records of Canada Ltd. in Scarborough, Ontario. In 1977, the label established a presence in continental Europe with the establishment of A&M Records Ltd. in Paris, France. Throughout the 1970s, they launched several imprints and also took on distribution for a large number of labels. Deemed the most successful independent record company in history, A&M's founders truly turned brass into gold when it sold the label and its subsidiaries to PolyGram in 1989 for a reported $500,000,000. PolyGram, then one of The Big 6 Labels, allowed A&M to remain fairly autonomous. However, the label did shutter its regional divisions and begin the process of consolidating its affiliates and sub-labels. Following PolyGram's sale to Universal and the formation of UMG's Interscope - Geffen - A and M Group in 1999, the A&M imprint ceased operating as a conventional label. Currently referred to as Artists & Music, the label now manages several new sub-labels and is used as a re-issue imprint for their vast back catalog.