Equity Music Group Shutters It's Doors
December 17, 2008 at 5:31 AM (PT)
NASHVILLE-based independent music label EQUITY MUSIC GROUP said TUESDAY that it was suspending its operations immediately, blaming a challenging economic climate, reports THE TENNESSEAN.
"Our investors tried to a find a way to keep the doors open at EQUITY, but with a struggling industry, an overall decline in discretionary spending by consumers and a total freeze on the capital markets" the board made this decision, said Pres. TIM WIPPERMAN.
EQUITY MUSIC GROUP began in 2003, co-founded by country artist CLINT BLACK and MIKE KRASKI, a former SONY/NASHVILLE executive. The label was best known for once representing the country music group LITTLE BIG TOWN.
KRASKI left the company last year. LITTLE BIG TOWN left, as well, signing a multi-album deal with CAPITOL RECORDS in APRIL.
EQUITY MUSIC GROUP had roughly 15 employees and five artists signed to the label.
"It's a sad day at EQUITY today," WIPPERMAN wrote in an e-mail to THE TENNESSEAN, saying he would not comment any further. BLACK was not available for comment.