Report: New Record Label About To Debut
March 19, 2012 at 4:19 AM (PT)
THE NEW YORK DAILY NEWS is reporting INTERSCOPE RECORDS co-founder TED FIELD is close to launching a new record label. "A well-connected source" told THE NEWS that "the CHICAGO-born billionaire, an heir to the FIELD family fortune, is putting a new, big record label into play that will also be financially backed by SONY Chairman/CEO DOUG MORRIS."
The report says the labels is currently staffing up -- a process that has apparently been in the works "for a few months."
The report also says MORRIS "is not only helping to bankroll the project, but SONY will be distributing the physical product of the artists."
"They want talent deals fast," the source told THE NEWS.