L.A. Reid To Launch Venture With EMI
August 20, 2009 at 4:38 AM (PT)
EMI MUSIC PUBLISHING and ANTONIO "L.A." REID are reportedly set to announce TODAY (8/20), a joint venture that will sign new songwriters to publishing deals. THE NEW YORK POST writes that "EMI and REID will each own 50% of L.A. REID MUSIC PUBLISHING CO., as the new entity will be called." Both EMI and REID will make a "substantial investment" in the new company.
The new company's focus will be on music publishing and reportedly will not include recorded music.
REID is expected to continue to serve as Chairman of UNIVERSAL MUSIC GROUP's ISLAND DEF JAM.
REID has done much business with EMI PUBLISHING in the past, with PINK, USHER, RIHANNA and others among acts signed by REID to recording contracts at UNIVERSAL and publishing deals with EMI. "We do a lot of business with L.A.," said EMI MUSIC PUBLISHING CEO ROGER FAXON. "It was a natural thing for us to have a conversation."