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Welcome to the latest Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s a full slate of personnel news this week, so let’s hop to it.
Long-time listener, first-time employee Rich Baer joined SiriusXM Holdings as the satellite radio giant’s new executive vp, general counsel and secretary, effective March 3. Baer, who replaces the retiring Patrick Donnelly, boasts over 40 years of legal and business experience, most recently serving as chief legal officer at Airbnb before hanging it up in 2023. “I failed at retirement,” he joked this week. His extensive career also includes roles as chief administrative officer and chief legal officer at Liberty Media, evp and CLO at UnitedHealth Group, and general counsel at Qwest Communications. Baer began his legal career as a homicide prosecutor in Brooklyn before leading the litigation department at a Denver law firm. He’ll report to SiriusXM CEO Jennifer Witz, who highlighted Baer’s background in counseling complex companies and said “his ability to navigate legal issues and balance the needs of a business will enable him to succeed here.” Witz also honored outgoing GC Patrick Donnelly, recognizing his nearly 27 years of dedicated service.
Partisan Records hired Nick Wagner as the indie label’s new chief financial officer, effective late last year. Based in NYC and reporting to president and co-founder Tim Putnam, Wagner will oversee global financial operations, strategic planning, team management and growth initiatives at Partisan, home to PJ Harvey, IDLES and more. Wagner brings extensive experience from his previous role as global vp of business operations at Endeavor, where he improved operational efficiency across the company’s portfolio. He also served as vp of finance at Warner Music Group, focusing on artist-driven growth in digital and social media. Additionally, Wagner led the North America Digital Media division at Vice Media Group, managing finance and operations for brands like Noisey and Vice.com.
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Sony Music Nashville has promoted Mallory Michaels to vice president of radio marketing & promotion. In the new role, Michaels will develop and implement strategic and tactical national radio promotion plans for rostered artists at Sony Music Nashville, supporting both Columbia Nashville and RCA Nashville imprints. Michaels will report to senior vp, radio marketing & promotion Dennis Reese. Michaels joined SMN in 2018 and previously held roles at Warner Music Nashville and Red Bow Records. –Jessica Nicholson
Mike Faul / Courtesy Photo
Dynamic Talent International appointed veteran marketer Mike Faul to lead its newly launched Brand Partnerships division. Based in New York, Faul will spearhead efforts to connect creative talent with top brands across industries like fashion, technology, luxury, lifestyle and media. The division will focus on sponsorship acquisition, co-branded content creation and immersive experiential activations, aiming to craft bespoke campaigns that amplify both brand identities and artistic expression. Faul brings extensive experience to the role, having worked with major names like YouTube, MTV, A24, The North Face and Taco Bell. In 2017, he founded Sub Rosa Curation, driving innovative marketing initiatives across sports and entertainment. Prior to that, he served as marketing manager at Bagavagabonds, curating festival programming for brands like Vans, Toyota and Anheuser-Busch. DTI, a leading talent management firm with offices in Sacramento, Los Angeles, Nashville, New York and Poland, is known for its forward-thinking approach in supporting artists. The firm recently celebrated Taemin’s sold-out show at the Kia Forum and announced new signings, including The Georgia Satellites and Hot 8 Brass Band. “This is an exciting opportunity to bolster what is already one of the most dynamic agencies in entertainment,” said Faul.
Legends appointed Chris Bray as president of Europe for its combined Legends and ASM Global business. Bray will oversee operations across the UK and Europe, managing venue operations and revenue generation for sports, entertainment, conventions and other industries out of the company’s office in Manchester. Previously president of Europe for ASM Global, Bray brings over 30 years of experience in commercial operations and development. Since joining ASM Global in 2022, he has driven growth, enhanced guest experiences, and sealed key contracts with venues like Utilita Arena and Olympia London. Bray also oversaw significant investments in venues, including a major glow-up for AO Arena in Manchester. Before ASM Global, he spent 15 years at Sodexo, where he boosted the firm’s Sports and Leisure division. Following Legends’ acquisition of ASM Global in August 2024, the combined company includes iconic venues like AO Arena and major football clubs such as Arsenal and Liverpool. Legends CEO Dan Levy praised Bray’s leadership, adding, “With a strong presence across the UK and Europe … we’re in an incredible position to set new standards in sports and entertainment.”
Sony Music Publishing promoted Taryn Miller to vice president, IT global copyright and royalties, effective immediately. Based in Nashville, Miller will report to chief information officer Bill Starke. In her new role, she’ll oversee the development and management of SMP’s royalty and copyright systems, including the Tempo platform and client portal SCORE, while collaborating across departments on enterprise applications. With over 20 years at the company, Miller has been instrumental in advancing key systems like Tempo and SCORE. She began her career in North American Royalty Administration before becoming a Tempo migration specialist and later transitioning to the IT team, most recently serving as director, IT global administration systems. Starke praised Miller’s contributions, stating “her work has elevated our services for songwriters.”
Creative Artists Agency promoted five Elevate trainees to agent roles across its music, comedy and theatre departments. In the Music Touring group, Ethan Goldish, based in Nashville, was elevated after joining CAA in 2019 and progressing from floater to booking professional in 2022. Also in Nashville, Cam Jensen was promoted after starting as an assistant in 2022, later becoming a booking professional overseeing the Southeast club territory. In Los Angeles, Dom Valentyn was promoted to Music Touring Agent, having joined CAA in 2019 and previously working in artist management and playlist marketing. In the Comedy Touring department, Marissa Pisterzi in Los Angeles was promoted after starting at CAA in 2021, working with several agents before becoming a booking professional. In New York City, Kennedy Woodard was promoted to Agent in the Theatre department. She joined CAA in 2021 as an assistant to Justin Edbrooke and Ethan Kurtzman, and has worked closely with theatre pros to develop stage and screen projects. All five promotions reflect CAA’s commitment to nurturing talent through its Elevate program, which identifies and advances rising professionals within the agency.
Kobalt appointed Claes Uggla as general manager of Kobalt Scandinavia, overseeing operations from the Stockholm office. With over 25 years of A&R experience, Uggla has shaped the careers of many Scandinavian artists. He joins from RMV, where he worked with acts like Gustaf & Viktor Norén. Previously, at Universal Music Sweden, he licensed hits like Lukas Graham’s “Ordinary Things,” and at Sony Music Sweden, he earned a special A&R award for Alan Walker’s “Faded.” Jeannette Perez, Kobalt’s president, praised Uggla’s track record, saying his “approach to A&R, his deep connections to the creative community and his leadership skills will be an important asset to us as we continue to build upon our success in the region.”
Range Music elevated Jared Cotter to managing partner of the management company, the music division of Range Media Partners. Cotter, who joined Range in 2022 and co-manages Shaboozey, made partner last May and before that was vp of A&R for the company. Outside the Hot 100 juggernaut that is Shaboozey, Cotter manages Paul Russell, whose “Lil Boo Thang” reached No. 14 in 2023. Cotter came to Range after co-founding The Heavy Group in 2016, a management and production company where he first signed Bazzi several years ago. He also co-founded 3AM Entertainment, an indie label focusing on music from the South Asian diaspora.
Celine Hollenbeck and Jenna Akemi Kon are named partners at Carroll Guido Groffman Cohen Bar & Karalian LLP, a leading music and entertainment law firm. Hollenbeck, based in Los Angeles, and Kon, in New York, joined the firm in 2017 and 2018, respectively. Founding partner Michael Guido and Los Angeles managing partner Renee Karalian praised their dedication and industry acumen, adding that their “enthusiasm and passion for music and artistry continue to impress the firm’s clients and partners alike.” They join the firm’s growing partner group, including Paul Gutman, Ira Friedman, Leah Seymour and Dave Keady.
BOARD SHORTS: Grammy Museum Mississippi added three new members to its board: Betsy Aguzzi of Mississippi Limestone Corporation, music publicist and entrepreneur Zach Farnum, and artist manager Gaines Sturdivant. They’ve been elected to 3-year terms, starting last month. The board is responsible for governance, oversight and major decision-making at the Cleveland, Miss. museum … VPL, which licenses music videos for public and TV broadcasts in the UK, made key board appointments: Charlotte Saxe is now VPL chair, with Alison Wenham and Shamus Damani joining as new board directors. The VPL Board, consisting of eight directors, oversees all aspects of music video licensing operations for the PPL sister company.
The Country Music Hall of Fame and Museum promoted five staff members to key leadership roles. Tess Pardee is now associate director of creative project management, overseeing creative projects and resources. Marshell Ruffier has been named associate director of food and beverage operations, managing the banquet team, the museum café, and sustainability initiatives. Alex Krompic has been promoted to director of production and technical services, leading audio, video and lighting for events. Emily Zirkle is now associate director of events administration and entertainment, managing revenue and public events in the CMA Theater. John Sloboda has been promoted to executive director of exhibitions and curatorial services, overseeing gallery exhibitions.
Red Street Records promoted Kelly King to vp of Red Street Publishing, while Patrick Waters joins as senior director of A&R country for the company’s country roster, which includes Chris Lane, Ryan Griffin, Neon Union, Ryan Larkins and Kaleb Sanders. King, known for discovering and/or developing artists and writers including Rascal Flatts, Brett James and Brothers Osborne, earned a partnership at Teracel Music and Good Girl Music (a co-venture with Sony Publishing), before launching her own King Pen Music (a co-venture with Warner Chappell Publishing) prior to joining Red Street Records in 2022. Waters has previously held roles at Red Light Management, Warner Brothers and Interscope. –J.N.
NASHVILLE NOTES: Gotee Records appointed Jess Loper as its new general manager. Reporting to Joey Elwood, CEO of Bell Partners Christian Music, Loper steps into this role following Gotee’s integration under Bell Partners. Previously, she was vp of brand management at Gotee Records and publishing at Emack Music … The International Bluegrass Music Association made three staff changes. Rebecca Bauer joins as marketing director after working as a marketing manager for City Winery; Elizabeth Dewey was promoted to communications director from administrative manager; and Haley Grimm, who’s in her final semester at Belmont University, took over Dewey’s former position … Publicist Jessica Nall joined Jonesworks, where her country clients include Zac Brown Band, Drake Milligan and Adam Doleac. She formerly was Atlantic director of press and media strategy … Paquin Artists Agency, a booking firm focused on Canadian country acts, hired agent/talent buyer Paul Biro, formerly president/operating partner at Sakamoto.
Killphonic Rights launched a dedicated label division, led by CEO Caleb Shreve and co-head of A&R Syd Butler. This follows the company’s executive expansion and a $3 million investment from Stilwell Creative Capital in 2024. The label’s first release, Heart Of Gold: The Songs of Neil Young, is set for April 25. Butler emphasized the label’s “artist-first” approach, highlighting the team’s industry experience and commitment to artist development. He stressed the importance of community and fair profit sharing, aiming to provide essential support at a time in the industry when it’s being abandoned. We believe artists need a community and a label that has their back as they navigate their future in this business.”
ATC Live has two key staffing updates. Lucy Atkinson joins as a new agent from Earth Agency, bringing her 30-strong roster, including Sega Bodega, Alice Glass and Erika de Casier, to boost the live booking agency’s electronic music prowess. Known for her forward-leaning approach, Atkinson has secured high-profile brand collaborations, such as Deijuvhs for Versace Jeans Couture and Ecco2k with Bella Hadid for Marc Jacobs eyewear, among others. Additionally, Alice Hogg was promoted to head of tour marketing, a new role aimed at integrating tour marketing services within ATC Live. This move will strengthen the London-based company’s approach to live campaigns, focusing on cohesive fan engagement and marketing strategies. Hogg, who joined ATC Live in 2020, has 15 years of experience in the live music industry and has worked with artists like Black Pumas and Aaron Frazer. Her roster will continue to be represented by ATC Live.
Raw Power Management, which like ATC Live is part of the ATC Group, bumped-up Dan Brown to the newly created role of head of A&R. A key figure on the senior management team for over a decade, Brown is currently managing You Me At Six’s farewell tour. In his new position, he will lead talent acquisition, focusing on expanding Raw Power’s diverse roster and signing new acts. The company represents artists like Bring Me The Horizon, Bullet For My Valentine, Jordan Adetunji and Heartworms.
ICYMI:
Jodi Dawes
REPUBLIC Collective announced a big stack of promotions across various departments … Warner Chappell Music elevated Gabz Landman to senior vp of A&R … Fox veteran Nick Terranova joined Dick Clark Productions as its new senior vp of brand partnerships … Ole Obermann is out as TikTok’s global head of music business development … Publicity pro Jodi Dawes landed at Big Machine Label Group … and AEG Presents elevated Andrew Klein to lead its global partnerships division. [Keep Reading]
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Here’s a lede I never thought I’d write: On Tuesday, Feb. 11, I tried to buy a swastika t-shirt from a hip-hop artist.
The artist was Ye, of course, and my interest was purely journalistic. I live in Berlin, where there’s a law against the use or distribution of symbols of “unconstitutional organizations,” including those of the Nazi party, and I wanted to see if West might be enabling the breaking of it by shipping to Germany. It took me a day to make sure I wouldn’t be breaking the law as well, since potential penalties include jail time. By then, the e-commerce giant Shopify had taken down Yeezy.com — which seems like a very reasonable solution.
How seriously does Germany take this law? In 2006, a Stuttgart court fined a company selling anti-Nazi merchandise, with images of a swastika with a red line through it. It’s not clear if the law would apply to a company selling swastika t-shirts from another country, as Ye was, but ordering or wearing such a shirt would be a criminal offense. Nazi symbols are also banned in France, Italy, Poland and more than a dozen other countries, and although Ye performed in Italy last year, it’s hard to believe that he could find a promoter or venue willing to book him in these places anytime soon. If human decency fails, Ye’s unpredictability brings with it too much legal risk.
Over the last few decades, few popular musicians have behaved so badly, so publicly, and so unapologetically for so long without facing serious consequences. (Plenty have done one of these, and a few less popular musicians have done all.) And Ye doesn’t seem to be playing with Nazi iconography just for shock value the way, say, Sex Pistols bassist Sid Vicious did. (This is not okay either, obviously, but Ye’s assurances that he means this makes him far worse.) And although discussion of the Nazi regime tends to focus on its murderous antisemitism, it also persecuted and murdered people because they were gay, Roma, or Black. This is a regime under which Ye’s marriage to Bianca Censori would have been illegal under racial purity laws. And Ye is endorsing it. (It should be noted that, on Feb. 19, he walked it back “after further reflection.”)
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So far, Ye has avoided serious consequences, partly because he apologized to “the Jewish community,” rather lamely, in December 2023 and perhaps partly because he clearly seems to struggle with mental health issues. (He recently said he was autistic.) There’s also a tendency to see his behavior as so completely absurd that no one could possibly take him seriously. Him saying he wants to be called “Yedolf Yitler” sounds more like something out of a Dave Chappelle sketch than any kind of fascist advocacy.
So then why does this matter so much?
Partly because, in a country without hate-speech laws, like the U.S., it’s important to define the boundaries of acceptable discourse and impose some kind of consequences on those who cross them. And partly because doing so is a good way to start a more serious public discussion about where those boundaries ought to be. So far, Ye’s agent dropped him after he started selling the swastika shirts, and while it’s not clear when he might release another album, no company ought to go into business with him now.
I think it would be foolish to take offline music that Ye released years ago — his rhetoric is hateful but most of that music is great. Obviously, companies make money on that music — Universal Music Group owns the recordings from the early part of his career, and Sony Music Publishing administers his publishing rights — and they have an obligation to pay him. (Sony’s administration of his publishing will end in less than a year, after which the company will no longer have an interest in his catalog.) Both companies made statements that Ye’s behavior is unacceptable.
Since Ye started selling the shirts, the only big executive who has made a major statement is YouTube global head of music Lyor Cohen, in the form of an open letter. That’s important, since it will help make sure other companies take the issue seriously. The day after Ye started selling the swastika shirts, I joked that if he isn’t careful, he’s going to end up as a tenured professor at Columbia University. Of course, Columbia would never tolerate the way he spoke about having “dominion” over his wife. When it comes to antisemitism, however, it seems to be a bit more open-minded. The truth is that some of the tropes Ye espouses about Jewish money and power are not as far from respectable society as we might want to think.
Just look at the new video for the Macklemore song “fucked up,” which has the look of quick-cut propaganda. Macklemore is certainly free to advocate for his politics — I don’t like war, Trump, or Netanyahu, either! But his ideas about how the conflict in the Middle East is driven by the hidden agendas of powerful people — some of whom are in the media! — are creepy. Then there’s his juxtaposition of the Israeli flag and a $100 bill, which seems about as subtle as Elon Musk’s arm movements (which he attacks in the song). Plenty of people don’t seem bothered by the video, and plenty of people move their arms that way. But it’s hard to have a serious discussion about any of this while we’re tolerating outright Naziism. Obviously, Ye’s behavior is cartoonishly extreme. But it’s worth remembering that the symbols of Hamas, which have started to show up at the kind of on-campus anti-Israel protests that Macklemore seems to love so much, are also banned in Germany — just like the swastika.
Sony Music Entertainment is asking a judge to throw out a lawsuit brought against the company by Patrick Moxey‘s Ultra International Music Publishing late last year, claiming the suit was an act of “retaliation” against the major label after it filed its own lawsuit against the publishing outfit two years prior.
Ultra International Music Publishing and Ultra Music Publishing Europe brought the lawsuit against Sony Music Entertainment and its subsidiaries — including Ultra Records, which Moxey sold his remaining 50% share of to Sony in 2021 — last November over allegations of copyright infringement, claiming Sony and its affiliates had been using Ultra Publishing’s compositions without a license. Filed in New York federal court, the complaint alleged that Ultra Publishing had conducted an audit finding that Sony had been underpaying royalties to the publisher and its songwriters “for years” — but that after bringing the results of the audit to Sony’s attention, the major label “failed” and “refuse[d]” to pay Ultra Publishing the royalties it was due.
Ultra Publishing claimed that after Sony’s alleged refusal, it ceased granting the music giant licenses to the company’s compositions, but that Sony nonetheless continued uploading tracks featuring Ultra Publishing-owned compositions to streaming services and selling them as digital downloads and physical releases, among other exploitations. The lawsuit concerned more than 50,000 compositions by artists including Ed Sheeran, Madonna, Rihanna and others.
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In its response, filed on Monday (Feb. 17) by attorney Tal Dickstein, Sony Music called the lawsuit “an ill-conceived effort by Plaintiffs — two music publishing companies owned by Patrick Moxey — to retaliate against” Sony Music for an earlier lawsuit it filed against Ultra Publishing for the continued use of the Ultra name. In that complaint, filed in November 2022, Sony attested that Moxey had signed away his rights to the Ultra trademark after selling the company his remaining stake in Ultra Records, which he founded in 1995.
Sony claims Ultra Publishing attempted to justify the “nefarious timing” of its own lawsuit — which allegedly dropped the day before the trial for the trademark lawsuit began — “by claiming this lawsuit stems from an audit of the music publishing royalties that Sony Music Entertainment paid to Plaintiffs.” However, Sony alleges that the audit in question, “which involved payments made by Sony Music Entertainment to Plaintiffs through 2016,” was in fact “settled in principle years ago for a small fraction of the amount claimed, and Plaintiffs never pursued those audit claims any further.”
Sony’s filing goes on to say that it and Ultra Publishing “continued working together after the audit was settled, with Sony Music Entertainment paying publishing royalties on the musical compositions that were the subject of the audit without objection from Plaintiffs, and working to license and pay the corresponding publishing royalties for well over a thousand other compositions owned in whole or in part by Plaintiffs.”
“Sony Music Entertainment’s licensing practices are both appropriate and entirely consistent with the licensing practices of every other leading record label that releases new sound recordings, including record labels that Moxey himself controlled in the past and currently owns,” the filing continues. “Moreover, Plaintiffs’ own songwriters and producers continue to write songs and collaborate with SME artists with the intention and expectation that the resulting sound recordings incorporating the underlying musical compositions will be commercially released — underscoring the obvious question of whether Plaintiffs’ attempted boycott of SME is in their songwriters’ best interest.”
An attorney for Ultra International Music Publishing did not immediately respond to Billboard‘s request for comment.
Hit songwriter Savan Kotecha has partnered with Universal Music India, Republic Records and Represent to launch an initiative aimed at discovering and developing India’s first globally impactful pop boy band. The nationwide talent hunt seeks to redefine India’s pop landscape by creating a group that reflects the country’s diversity, while also “igniting an unprecedented wave of fandom and paving the way for the Indian Teen Pop economy,” according to the announcement.
Kotecha, a Grammy, Oscar and Golden Globe-nominated native of Texas, has played a pivotal role in shaping modern pop music over the last 15-plus years. His extensive catalog includes hits for Ariana Grande, One Direction, The Weeknd and Maroon 5. With a career that took off in Sweden alongside mentor Max Martin, Kotecha has contributed to chart-topping songs like Grande’s “Problem,” 1D’s “What Makes You Beautiful,” The Weeknd’s “Can’t Feel My Face” and Maroon 5’s “One More Night.” He also served as executive music producer for Eurovision Song Contest: The Story of Fire Saga.
Kotecha believes that India has long looked outside its borders for pop and teen idols, and this initiative aims to change that. “Boy bands have shaped generations around the world—now, it’s India’s turn,” he said. “We want to create a group that represents India’s dreams and sparks an unprecedented wave of fandom.”
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Universal Music Group India & South Asia managing director Sanujeet Bhujabal emphasized the project’s significance. “Our i-Pop strategy has focused on cultivating a Gen Z and Gen Alpha-driven sound in India. Partnering with Savan, we’re taking this vision global by launching India’s first true pop boy band. This will be the biggest talent hunt India has ever seen, and we are committed to building a long-term teen pop economy.”
Aayushman Sinha, founder of Represent, echoed this sentiment: “We’re stepping into a new era of talent development, something India has never seen before. More importantly, this project is about fostering sustainable careers for young artists and establishing pop music as a dominant cultural force.”
To shape the eventual band’s identity, the project has also partnered with Jugaad Motion Pictures.
Aspiring musicians can audition by following @greatestindianboyband on Instagram and submitting their entries on the contest’s website. To apply, candidates need to upload a video showcasing their talent and answering a few select questions. After a month-long selection process, shortlisted contestants will advance to the next round, with the final five then participating in what’s described as a “training bootcamp” ahead of their official debut.
The Red Hot Chili Peppers‘ recorded masters catalog is up for sale, and sources say the band is seeking upwards of $350 million from suitors. The catalog includes such hit songs as “Under The Bridge,” “Dani California,” “Snow (Hey Oh), “Californication,” “Otherside,” “Can’t Stop” and “Give It Away.”
Sources say the band owns the 13 studio albums and other releases issued by the Warner Music Group (WMG) in the U.S. Billboard couldn’t determine if the band also owns its first four studio albums, which were issued through EMI in the U.S., although one source says they do. Whatever rights the band owns in those EMI records, those rights are also a part of what’s being offered for sale, sources say.
Billboard estimates that the Red Hot Chili Peppers master recording catalog generates about $26 million in revenue annually, with the bulk of that coming from the WMG portion of the catalog and about $1 million in revenue coming from the EMI portion. While some sources suggest that a potential deal for the recorded music assets has already been reached and that WMG is the most likely buyer, other sources say a deal has yet to be struck.
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The news comes four years after the band sold its music publishing to Hipgnosis for about $140 million to $150 million. That means that if the Red Hot Chili Peppers realizes its $350 million asking price for the recorded music catalog, it will have snared about $500 million for selling its music assets. Sources say Eric Greenspan of the law firm Wyman Greenspan Fox Rosenberg Mobster Younger & Light has been shopping the band’s recorded music catalog deal, just as he did for its publishing assets.
While sources say the deal includes all of the rights for the band’s recorded music catalog, Billboard couldn’t determine if the deal also includes merchandising and name, image and likeness rights.
What’s more, it’s also unclear if all the suitors were shopped the same set of recorded music assets, based on the math involved in the deal. With $26 million in revenue, after subtracting production, distribution, shipping, warehousing and reserve expenses, Billboard estimates that net label share (NLS), or gross profit, for the catalog would be about $20 million. But non-strategic suitors who are aware of the assets say that they hear that the catalog’s NLS is about 3/4 of that, or about $15 million.
While the band is seeking upwards of $350 million, it’s more likely the deal will go for $325 million to $340 million, some sources say. If the band were to achieve $340 million for the sale of its recorded catalog, on a NLS of $20 million, that would imply a 17-times multiple, which is pricey for recorded music assets — even for a steady high revenue earner like the Chili Peppers. Moreover, at the $15 million NLS cited by some sources, a $340 million potential sale price would work out to a 22-23 times NLS multiple, which music asset traders would describe as a “frothy” valuation. Consequently, sources suggest that the deal makes more sense for a strategic suitor, like one of the majors, than a private equity firm or a music asset buyer backed by private equity.
WMG declined to comment for this story. Greenspan, the band’s lawyer, didn’t respond to requests for comment.
Earlier this month, Warner Bros. Discovery and Cutting Edge Group announced they were teaming up to launch a joint venture to generate more money from one of the original Hollywood studios’ catalog of 400,000 movie and television songs.
The blockbuster deal — reportedly worth $1 billion — includes the Harry Potter and Lord of the Rings franchises, Friends, Game of Thrones, and Succession, to name a few.
This novel arrangment was inspired by WBD’s need to get more out of its most valuable assets as the rise of streaming shakes the fundamental economics underlying modern media businesses. Cutting Edge Group is a nearly 15-year-old company founded by Philip Moross, a former real estate developer who saw an opportunity to acquire, manage and develop music rights from films and TV shows.
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Now a three-prong company that also includes studios where partnering artists like Timbaland produce music specifically for Cutting Edge projects in the film, TV or wellness space, Cutting Edge is embarking on its biggest project yet.
Billboard spoke with CEG’s Moross about how the joint venture with Warner Bros. Discovery will work, including what Cutting Edge brings to the table and if they other joint ventures between music companies and studios to follow.
What are you aiming to accomplish with this joint venture, and what role will Cutting Edge play do day-to-day?
I put the idea [to WBD] that as we are solely focused on music, we could help make it a larger profit center for them. We are working closely with Warners’s music department … and hope to build a music business within the framework of Warner Bros. Discovery the way that Warner Chappel was in the past. We are a music business. They are a film and television business that incorporates music into their creative process. Our job is to effectively maximize the monetary end of it. But how it’s going to work on a day-to-day basis we are still working out. I will say We have no interest in changing the relationships [Warner Bros. Discovery] has with UMPG and Sony. We’re an independent and we don’t compete with any of them.
This is a massive catalog. How will you manage maximizing its value?
You compartmentalize—pure instrumentals, songs, etc.—and then see what the market wants from each category … and take into account the composers. We understand the composers are the lifeblood of the business. Warner wants to take care of them from a creative point of view.You must balance the economic value of that with the creative process. A composer may not want the main theme to Harry Potter used anywhere else, but the body of the music may be available. On the other hand, the song “Shallow” is a huge song, which is relevant now, that you may be able to get some very big synchs on. We are going to have to work to make sure all parties are involved–because it is not 100% owned by one party and the master is owned by Gaga’s record label. We have the time and inclination to do that whereas Warner is on to the next movie already.
You’ve got 400,000 titles so it’s not going to be quick and easy. If I am advising I’d be saying go for the top 20% that generate 80% of the revenue, but don’t lose sight of the gems in there.
Will Cutting Edge be providing its two cents on films?
We hope to provide input on songs for films in the works. In the core business of Cutting Edge, we’ve done that. We’ve bought catalogs of film rights and suggested to composers … to use the same themes again because creatively it works.
What is so important to Warner Bros. Discovery is maintaining creative integrity. They are never going to tell a director what music to use and what music not to use. … [and] it is not our role to impose any creative ideas. What we hope to do is to suggest [through the Warner Bros. Discovery music department] to the creatives, “If you’re doing Aquaman 3, why don’t you use the same themes from Aquaman 1 and 2 for certain characters?”
Cutting Edge’s Myndstream business does a lot linking music with the wellness industry. Are there opportunities in the wellness space in this catalog?
Absolutely it’s an area of focus for us. We work on [opportunities like these] all the time. There is a Nicholas Britell track called Agape [from the score of If Beale Street Could Talk]. It’s one of the most used tracks on Peloton for their meditation programs. Everything is about the emotional connection and identifying opportunities.
Everyone knows the soundtracks of “Harry Potter” and Friends. But there are music cues in the catalog as well. Can you describe what those are and their potential?
When you are watching a film or television show and you hear the background music, every item of music that sits in that film or television show is a cue. It is the background music that you’ve got right up to the songs. For example, The Rembrandts in Friends — the opening titles can be a cue. It could be the 3 ½ minute version of the Rembrandt song — a full song — or the 1-minute portion of that. That is the cue. The cue that is registered with BMI is earning its revenue from broadcast performance. So when the TV show plays, the network that is paying the royalty will pay the PRO which then pays the publisher, which in this case is our joint venture. We track to make sure nothing is missed.
How much of your day will be devoted to this?
[Cutting Edge’s] operating team will spend the majority of its time on this. It’s certainly the biggest deal that I’ve ever done. It deserves the attention because it is such a big scale.
What kind of return is this JV expected to produce on Warner Bros. catalog?
I can’t give you a number as to how much we will increase revenue.
Tell us about your team.
This is a family affair. My background was in real estate historically; I gave it up in 2010. All three of my kids are in the business; 12 on 12 is run by my daughter Claudia, Freddie runs the MyndStream business, and Tara [Finnegan] runs the bigger picture. Tara has done an exceptional job in this whole process, but we have really navigated together from the beginning. Tim Hegarty and the Cutting Edge M&A team, as well. The deal could not have been done without them.
Do you think more studios will do deals like the one Cutting Edge has done with Warner Bros. Discovery?
I hope so. We are having discussions with various rights owners who are interested in maximizing the value of their music rights either through a sale or a partnership with Cutting Edge. They are driven by different motivations, which include the ability to release equity from ancillary rights that are fully amortized on their balance sheets; or the opportunity to work with Cutting Edge’s team of professionals to help with supervision, exploitation, soundtrack release and marketing.
There should be no major obstacles since we have completed the deal with WBD and proved the value we can add to these types of copyrights. We operate in a very specialist area of the music business and each rights owner has their own specific needs. It takes time to create a bespoke offer to meet these needs, which Cutting Edge is uniquely placed to do.”
Nick Terranova has been appointed senior vp of brand partnerships at Dick Clark Productions (DCP). Based in New York, Terranova will be responsible for developing brand alliances across all media platforms for the production company’s many award shows (Golden Globes, American Music Awards, Billboard Music Awards and Academy of Country Music Awards) and other programming, such as Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.
Terranova brings more than 15 years of experience in media, advertising, and partnerships to the role. Prior to joining DCP, Terranova held senior leadership roles at Fox and Warner Bros.
As svp, ad sales & brand partnerships at Fox, Terranova oversaw the national sales team and led the transition of TMZ’s advertising business following its acquisition from WarnerMedia, contributing to double-digit revenue growth across digital, social, and branded content platforms.
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Prior to Fox, Terranova held key sales leadership roles during his 12-year tenure at Warner Bros., managing numerous advertising portfolios for premium entertainment properties such as Rotten Tomatoes, Flixster, TMZ, Ellen DeGeneres, Extra, and DC Comics—brands that together formed Warner Bros. Digital Media. His work spanned direct and programmatic sales, branded content, and on-air product integrations.
Terranova began his career in media at OMD as a national TV buyer before moving to ad sales at Turner and CBS Interactive. Most recently, he served as svp of sales at Anoki, an AI-driven CTV startup.
The 60th ACM Awards, hosted by Reba McEntire, is set for May 8, live from Ford Center at The Star in Frisco, Texas. The American Music Awards will return following a two-and-a-half-year hiatus over Memorial Day weekend. The show, live from Las Vegas, will include a tribute to America’s veterans.
DCP is owned by Penske Media Eldridge, a Penske Media Corporation (PMC) subsidiary and joint venture between PMC and Eldridge. PMC is the parent company of Billboard.
Shot Tower Capital, a boutique investment brand specializing in the sale of music and entertainment assets, is enhancing its offerings through the launch of RedBrick Advisors, a specialized valuation firm catering to those industries. Sachin Saggar Courtesy Photo As part of that new endeavor, Shot Tower is partnering with RedBrick co-founder Sachin Saggar, a research […]
For more than a year, record labels and publishers have seen investors pour into streaming stocks — namely Spotify — while downplaying the potential benefits rights owners will accrue from rising subscription prices. Now, Universal Music Group (UMG) and Warner Music Group (WMG) are getting some attention as analysts are optimistic about the terms of new licensing agreements Spotify reached with the companies.
WMG shares rose 10.9% to $36.20 a week after the company released fiscal first-quarter results. This week, the stock got a boost when Citi raised its WMG price target to $42 from $34 and upgraded the stock to a “buy” rating from “neutral.” As Morningstar explained last week, WMG is a “primary beneficiary of the ongoing growth” in the music industry. At $36.20, WMG shares have gained 17.0% in 2025 and are only slightly below their 52-week high of $36.64 set in February 2024. WMG shares fell 13.4% in 2024.
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At UMG, shares rose 7.1% to 28.89 euros ($30.32), the stock’s highest closing price since May 27, 2024. Morgan Stanley analysts have been making the case that UMG is undervalued given Spotify’s soaring share price and this week raised its UMG price target to 42 euros ($44.07) from 36 euros ($37.78). Recent licensing deals with Spotify and Amazon “increases our confidence that its subscription growth will accelerate” from approximately 5% at the start of 2025 to “closer to 15%” at the beginning of 2026, they wrote in a Monday (Feb. 10) investor note. After falling 4.2% in 2024, UMG shares are up 20.8% in 2025.
WMG and UMG were among the best performers on the 20-company Billboard Global Music Index (BGMI) this week. The BGMI rose 4.6% to a record 2,755.53, bringing its year-to-date gain to 29.7%. Only two stocks lost ground while one was unchanged and 17 posted gains for the week. The index outperformed the Nasdaq composite (up 2.6%), the S&P 500 (up 1.5%), the FTSE 100 (up 0.4%), China’s SSE Composite Index (up 1.3%) and South Korea’s KOSPI composite index (flat versus the previous week).
Live Nation reached an all-time high of $152.94 on Friday (Feb. 14) before closing at $153.76, up 3.7% for the week. Ahead of the concert promoter’s earnings results on Thursday (Feb. 20,) Wolfe Research increased its price target to $175 from $160 and Goldman Sachs raised it to $166 from $148.
Streaming services fared well, too. Spotify rose another 2.4% to $637.73 and reached a new all-time high of $652.63 on Thursday (Feb. 13). Fewer than seven weeks into 2025, Spotify shares have gained 36.7%. Elsewhere on the streaming front, Cloud Music rose 9.1% to 142.20 HKD ($18.01) and Tencent Music Entertainment gained 8.7% to $13.63.
Music streamer LiveOne had the week’s biggest loss after falling 20.5% to $0.93. On Thursday, the company announced that its revenue fell 6% in the fiscal third quarter. LiveOne also lowered revenue and earnings guidance for its full year, causing shares to end the day down 18.6%. The other streaming loser was Abu Dhabi-based Anghami, which fell 2.7% to $0.71.
Satellite radio broadcaster SiriusXM shares rose 6.6% to $27.11, bringing its year-to-date gain to 21.2%. This week, Deutsche Bank raised its price target to $27 from $25.
Most K-pop companies finished the week in positive territory. HYBE shares rose 5.8% and reached their highest mark since July 2023. SM Entertainment, which reported a 9% increase in revenue this week, increased 5.4%. JYP Entertainment improved 4.2% and YG Entertainment fell 1.3%.