News - 05/01/2018

L.A Reid's new venture has raised $75m

L.A Reid's new venture has raised $75m

As widely reported, 8 months ago Antonio "L.A." Reid left Sony Music under controversial circumstances (rumours, at the time, said that a co-worker of Reid had accused him of sexual harassment); now sources tell "Music Business Wolrdwide" that the executive has already raised serious funding for an independent comeback in 2018.

Having run Epic Records for six years, Reid left Sony in May 2017, one month after the arrival of Rob Stringer as the major’s global CEO.

According high-placed sources in the US market, Reid is now believed to have raised as much as $75m funding for a new label venture, likely from private equity sources. Whispers suggest that the exec has this week moved into new offices in Beverly Hills, Los Angeles – and is already on the hunt for hires.

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