Author | Message |
New title for Clive Davis Music legend Clive Davis is back on top after a power shift at music giant BMG Entertainment.BMG named Davis chairman of newly formed music label RCA Music Group---putting him in charge of such big-name talent as Alicia Keys,Busta Rhymes,Christina Aguilera,Rod Stewart and the Dave Matthews Band.
It's been just three years since BMG booted him from the top post at Arista Records.In a clear vindication for the 69-year old record exec,BMG parent Bertelsmann has acquired the 50 percent of Davis' label J Records that it does not already own and has expanded his empire to oversee its weaker label,RCA Records. Terms of the buyout weren't announced.According to a music source,BMG is entitled to take over the label without writing a big check to Davis because it's losses have exceeded initial projections.Others said Davis will pocket more than $20 million for his stake in J Records. (This news is from the Associated Press). | |
- E-mail - orgNote - Report post to moderator |