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LONDON — Proposed changes to U.K. copyright law that would allow tech companies to freely use songs for AI training without permission threaten to place the country’s status as a “world music power” at risk, record labels trade body BPI has warned.
In 2024, hit records by Charli XCX, Sabrina Carpenter, Coldplay and Taylor Swift helped lift the United Kingdom’s streaming market to a record high with just under 200 billion music tracks streamed across the 12 months, up 11% year-on-year, according to year-end figures released Tuesday (Dec. 31) by BPI.
Overall recorded music consumption across streaming and physical album sales rose by a tenth (9.7%) on 2023’s total to 201 million equivalent albums, marking a decade of uninterrupted growth, reports the organization, which represents over 500 independent record labels, as well as the U.K. arms of the three majors: Universal Music Group, Sony Music Entertainment and Warner Music Group.
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However, the success of the U.K. music business is being challenged on multiple fronts, including intensifying competition from other global markets and proposed regulations around the use of artificial intelligence (AI), says BPI.
The proposed AI guidelines were announced by the British government two weeks ago (Dec. 17) as part of a 10-week consultation on how copyright-protected content, such as music, can lawfully be used by tech companies to train generative AI models. Among them is a controversial new data mining exception that would allow developers to use copyrighted songs for AI training, including commercial purposes, but only in instances where rights holders have not reserved their rights.
BPI chief executive Jo Twist said the proposed opt out mechanism was the “wrong way to realise the exciting potential of AI” and places the U.K.’s music and creative industries at risk by allowing “international tech giants to train AI models on artists’ work without payment or permission.”
“The U.K. remains a world music power, but this status cannot be taken for granted,” said Twist in a statement accompanying Tuesday’s year-end figures. She said that in order to continue to thrive, the U.K. music business needs “a supportive policy environment that puts the focus on human artistry and enables continued investment in the next generation of British talent.”
Of the current generation, more than 20 British groups and solo acts topped the U.K. albums chart in 2024, although Charli XCX and Coldplay were the only homegrown artists in the year’s top 10 best-selling artist albums list, occupying the eighth and ninth positions with Brat and Moon Music, respectively. Veteran British American rock band Fleetwood Mac had the year’s seventh most popular album with their compilation 50 Years – Don’t Stop.
Topping the year-end albums list was Taylor Swift’s The Tortured Poets Department, which has sold over 783,000 equivalent units since its release in April – the most for any artist release in a calendar year since 2017, reports BPI. The Tortured Poets Department was one of four albums by Swift to feature among the year’s 20 biggest titles alongside 1989 (Taylor’s Version), Lover and Folklore.
In total, female artists accounted for six of the top 10 and half of the 20 biggest selling artist albums in the U.K. last year with hit releases by Sabrina Carpenter, Billie Eilish, Chappell Roan and Olivia Rodrigo helping make it a landmark year for women.
Female artists also spent an unprecedented 34 weeks at No. 1 on the United Kingdom’s official singles chart, largely driven by Carpenter, who spent 21 weeks at the top with her three hit singles: “Espresso, “Please Please Please” and “Taste.” The best-selling single in the U.K. last year was Noah Kahan‘s “Stick Season,” which topped the U.K. charts for seven weeks, followed by Benson Boone‘s “Beautiful Things.”
Vinyl helps physical album sales return to growth
In terms of formats, streaming now makes up 88.8% of music sales in the United Kingdom, a marginal 1.1% rise on 2023’s figure and more than double streaming’s share of the U.K. market six years ago, reports BPI.
Meanwhile, physical sales experienced year-on-year growth for the first time since 1994 with vinyl and CD album purchases up 1.4% to 17.4 million units. Driving the resurgence in physical formats was a 17th consecutive annual rise in vinyl album sales which grew by just over 9% to 6.7 million units, marking a three-decade high.
The year’s most popular vinyl album was Swift’s The Tortured Poets Department, which sold more than 111,000 vinyl copies, followed by a 30th anniversary reissue of Oasis‘ debut Definitely Maybe. Other top-selling vinyl titles included Eilish’s Hit Me Hard And Soft, Fontaines D.C.‘ Romance, The Cure‘s Songs Of A Lost World and Charli XCX’s Brat.
CD sales fell 2.9% year-on-year to 10.5 million units, representing a significant slowdown on the 19% drop recorded in 2022 and the almost 7% slide in sales experienced in 2023. Digital album sales dropped almost 6% to 3.3 million units.
BPI’s preliminary year-end report doesn’t include financial sales data. Instead, it uses Official Charts Company data to measure U.K. music consumption in terms of volume. The London-based organization will publish its full year-end report, including recorded music revenues, later this year.
The U.K. is the world’s third-biggest recorded music market behind the U.S. and Japan with sales of $1.9 billion in 2023, according to IFPI. It is also the second-largest exporter of recorded music worldwide behind the U.S.
Tougher competition from other international markets, including Latin America and fast-growing countries like South Korea, has seen the U.K.’s share of the global recorded music market shrink over the past decade, however.
In 2015, artists from the United Kingdom cumulatively accounted for 17% of global music streams, according to BPI export figures. That figure now stands at 10% with U.K. artists accounting for just nine of the top 40 tracks streamed in the country last year – the highest being “Stargazing” by Myles Smith at number 12.
“From Coldplay, and Charli XCX, to The Last Dinner Party, and Myles Smith, there were plenty of examples of U.K. music success stories in 2024. But there are also rising challenges for domestic talent in a rapidly changing and hyper-competitive global music economy,” said BPI’s Jo Twist.
“By meeting the growing global challenge head-on, tackling challenges around AI, copyright and streaming fraud, and encouraging consumers towards viable models, like paid streaming subscriptions, we can help to ensure that the value of British music is protected and that our industry can continue to grow and flourish at home and around the world,” she said.
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Music Business Year In Review
Salem Media Group has sold its seven remaining Contemporary Christian-formatted radio stations to the Educational Media Foundation (EMF) for $80 million, the company announced Monday (Dec. 30).
The agreement, which is pending approval from the Federal Communications Commission (FCC), will add or expand EMF programming to seven U.S. markets, with stations including KLTY-FM in Arlington, Texas; WFSH-FM in Athens, Ga.; WFHM-FM in Cleveland; KFSH-FM in La Mirada, Calif.; KKFS-FM in Lincoln, Calif.; KBIQ-FM in Manitou Springs, Colo.; and KFIS-FM in Scappoose, Oreg.
EMF — the parent organization of Christian radio networks Air1 and K-LOVE — noted in a statement that it intends to launch K-LOVE or Air1 Worship Now programming on those signals according to market needs, pending FCC approval. It indicated that it aims to begin programming the stations via a local marketing agreement on Feb. 1.
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Also on Monday, Salem announced that it has entered into an advertising and marketing agreement with EMF for $10 million.
Through its Air1 and K-LOVE networks, EMF reaches approximately 18 million listeners each week. Its Air1 and K-LOVE radio networks have over 1,100 broadcast signals across all 50 states, with global reach through streaming audio.
Salem Media Group’s CCM-formatted radio stations were most commonly operated under the nickname “The Fish.” Founded as Salem Communications in 1974, the company rebranded as Salem Media Group in 2015. It has since grown to become a multimedia company with properties including talk radio, digital media and book/newsletter publishing. According to a March 2024 corporate guide, the company’s other radio signals include 38 Christian teaching and talk radio stations and 30 news talk stations.
Salem’s sale of the seven stations came as part of a group of strategic transactions aimed at shoring up the company’s financial security. As part of this effort, the company repurchased all $159.4 million in outstanding 7.125% senior secured notes due 2028 for $104 million cash and $24 million in subordinated unsecured promissory notes. By midyear 2025, those notes are slated to be exchanged for series A preferred stock. Salem also issued $40 million in series B convertible preferred stock to the foundation WaterStone, with proceeds being used to fund Salem’s debt repurchase. On Dec. 23, Salem extended its revolver line of credit with Siena Lending Group for one year.
“As Salem has leaned into its talk and information programming, we are honored to carry the torch and keep Christian music flowing over these frequencies,” said Tom Stultz, EMF’s interim CEO, in a statement. “These strong stations expand our coverage area and help us deliver on our mission to reach more people with the gospel of Jesus Christ. We feel it is an incredible opportunity to continue serving listeners with Christian music in these important markets.”
Edward G. Atsinger, Salem Media Group’s executive chairman/co-founder, said in a statement, “We have made a strategic decision to exit the Contemporary Christian Music format in order to pay off all of Salem’s long-term debt. We could not be more delighted that the buyer is EMF. EMF has demonstrated over many years a unique ability and dedication to creating and distributing the highest quality Christian music content to its listeners in a positive and encouraging way. I am confident that their impact on listeners and their communities will be incredibly effective.”
This isn’t Salem’s first sale to EMF. In March, the company sold its stations in Nashville and Honolulu to EMF for $7 million.
Five individuals have been charged in connection with the death of Liam Payne, the former One Direction singer who died Oct. 16 after falling from a hotel balcony in Buenos Aires, according to a public notice by Argentina‘s National Criminal and Correctional Prosecutor’s Office.
Those charged include hotel manager Gilda Martin, receptionist Esteban Grassi, and Payne’s friend Roger Nores, all facing manslaughter charges. Additionally, hotel employee Ezequiel Pereyra and waiter Braian Paiz have been charged with supplying drugs. In Argentina’s legal system, prosecutors gather evidence for a judge to determine whether to proceed to trial. Judge Laura Bruniard has moved the case to the next stage, a decision the defendants’ lawyers may appeal. If the appeal fails, the case will proceed to trial.
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Court documents identify the suspects only by their initials. Payne’s friend, identified as “RLN,” is accused of manslaughter for allegedly neglecting his duty of care and abandoning Payne despite knowing of his impaired state due to substance abuses. Hotel manager “GAM” is also charged with manslaughter for failing to prevent Payne from being taken to his room under circumstances deemed hazardous. Chief receptionist “ERG” faces similar charges for allegedly instructing others to forcibly take Payne to his room instead of ensuring his safety.
“Payne’s consciousness was altered and there was a balcony in the room,” the judge said. “The proper thing to do was to leave him in a safe place and with company until a doctor arrived. The people responsible at the hotel that day were the manager GAM and the head of reception ERG.”
Judge Bruniard emphasized that while these individuals likely did not intend for Payne to die, their actions or inactions posed significant risks to his life. “They were imprudent in allowing him to be taken to the room and taking him there respectively,” he concluded. “They created a legally disapproved risk and Payne’s death is the concretization of that risk.”
If convicted, the manslaughter charges carry sentences of one to five years in prison, while the drug-supplying charges carry much harsher penalties, ranging from four to 15 years, according to the BBC. The judge ordered Pereyra and Paiz, the two individuals accused of supplying drugs, to remain in custody and appear in court within 24 hours.
Payne’s death was attributed to multiple traumas and hemorrhages resulting from a fall from the third-floor balcony at the CasaSur Palermo Hotel. Toxicology reports revealed the presence of alcohol, cocaine and prescription antidepressants in his system. Before the fatal incident, the head receptionist made two emergency calls — the first call reported a guest “trashing the entire room,” and the second raised concerns that the guest’s life “may be in danger.” Despite these concerns, the receptionist requested only medical services, not police assistance.
Last month, Payne’s funeral was held in Amersham in the UK. It was attended by his former One Direction bandmates — Harry Styles, Louis Tomlinson, Niall Horan and Zayn Malik — as well as his girlfriend Kate Cassidy and ex-partner Cheryl Cole, with whom he shares a son.
Charles F. Dolan, who founded some of the most prominent U.S. media companies including Home Box Office Inc. and Cablevision Systems Corp., has died at age 98. A statement issued Saturday by his family said Dolan died of natural causes, Newsday reported late Saturday.
“It is with deep sorrow that we announce the passing of our beloved father and patriarch, Charles Dolan, the visionary founder of HBO and Cablevision,” the statement said.
Dolan’s legacy in cable broadcasting includes the 1972 launch of Home Box Office, later known as HBO, and founding Cablevision in 1973 and the American Movie Classics television station in 1984. He also launched News 12 in New York City, the first 24-hour cable channel for local news in the U.S., Newsday reported.
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The Cleveland native, who dropped out of John Carroll University in suburban Cleveland, completed the sale of Cablevision to Altice, a European telecommunications and cable company, for $17.7 billion in June 2016.
Dolan, whose primary home was in Cove Neck Village on Long Island in New York, also held controlling stakes in companies that owned Madison Square Garden, Radio City Music Hall and the New York Knicks and New York Rangers sports franchises, Newsday reported.
James L. Dolan, one of his sons, was the Cablevision CEO from 1995 until the 2016 sale to Altice. He now is the executive chairman and CEO of Madison Square Garden Sports Corp. The company owns the Knicks and Rangers, among other properties, according to the MSG Sports website.
A statement from MSG Entertainment, MSG Sports and Sphere Entertainment recalled Dolan’s “vision.”
“Mr. Dolan’s vision built the foundation for the companies we are today, and as a member of our Boards he continued to help shape our future. The impact he made on the media, sports, and entertainment industries, including as the founder of Cablevision and HBO, is immeasurable,” the statement said. “We do not expect this to directly or indirectly change ownership by the Dolan family.”
Newsday, which Cablevision purchased in 2008, also came under the control of Altice with the sale. Patrick Dolan, another son of Charles Dolan, led a group that repurchased 75% of Newsday Media Group in July 2016. Patrick Dolan then purchased the remaining 25% stake in 2018.
At the time of his death, Charles Dolan and his family had a net worth of $5.4 billion, Forbes reported.
Dolan was a founder and chairman emeritus of The Lustgarten Foundation in Uniondale, New York, which conducts pancreatic cancer research.
He is survived by six children, 19 grandchildren and five great-grandchildren. His wife, Helen Ann Dolan, died in 2023, Newsday reported.
In a week with little news and few regulatory filings, music stocks finished the last full week of 2024 by dropping for the third consecutive week. The 20-company Billboard Global Music Index (BGMI) fell 0.6% to 2,155.51, lowering its year-to-date gain to 40.5%. The index has fallen 5.5% over three weeks after rising 14.6% over […]
President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue.
The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk.
“President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case and was written by D. John Sauer, Trump’s choice for solicitor general.
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The argument submitted to the court is the latest example of Trump inserting himself in national issues before he takes office. The Republican president-elect has already begun negotiating with other countries over his plans to impose tariffs, and he intervened earlier this month in a plan to fund the federal government, calling for a bipartisan plan to be rejected and sending Republicans back to the negotiating table.
He has been holding meetings with foreign leaders and business officials at his Mar-a-Lago club in Florida while he assembles his administration, including a meeting last week with TikTok CEO Shou Chew.
Trump has reversed his position on the popular app, having tried to ban it during his first term in office over national security concerns. He joined TikTok during his 2024 presidential campaign and his team used it to connect with younger voters, especially male voters, by pushing content that was often macho and aimed at going viral.
He said earlier this year that he still believed there were national security risks with TikTok, but that he opposed banning it.
The filings Friday come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. The law was signed by President Joe Biden in April after it passed Congress with broad bipartisan support. TikTok and ByteDance filed a legal challenge afterwards.
Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute, leading TikTok to appeal the case to the Supreme Court.
The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.”
In their brief to the Supreme Court on Friday, attorneys for TikTok and its parent company ByteDance argued the federal appeals court erred in its ruling and based its decision on “alleged ‘risks’ that China could exercise control” over TikTok’s U.S. platform by pressuring its foreign affiliates.
The Biden administration has argued in court that TikTok poses a national security risk due to its connections to China. Officials say Chinese authorities can compel ByteDance to hand over information on TikTok’s U.S. patrons or use the platform to spread or suppress information.
But the government “concedes that it has no evidence China has ever attempted to do so,” TikTok’s legal filing said, adding that the U.S. fears are predicated on future risks.
In its filing Friday, the Biden administration said because TikTok “is integrated with ByteDance and relies on its propriety engine developed and maintained in China,” its corporate structure carries with it risk.
This story was originally published by The Associated Press.
SALXCO, the artist management company founded by Wassim “Sal” Slaiby that’s home to The Weeknd, Metro Boomin and more, has named a new CEO and new co-presidents, the company announced on Friday (Dec. 27). Stepping into the CEO role is Lindsay Unwin, a longtime employee of the company, while the new co-presidents are Manny Dion […]
In the ‘00s, The Smashing Pumpkins frontman Billy Corgan looked at the disruptive nature of early social media platform MySpace and saw the death of the record label. It didn’t exactly work out that way — not with MySpace, not with Facebook, not with TikTok. In fact, the major music companies became adept at using these platforms to break artists and perpetuate their market power; if there’s a breakout song on TikTok, labels rush into an old-fashioned bidding war. While social media certainly disrupted the music business, it didn’t uproot the traditional record label model.
There have been numerous other game-changers over the years that failed — on their own, at least — to radically alter how major labels do business, including independent distribution. After TuneCore launched in 2006, major labels continued to sign artists and own their intellectual property, albeit to broader “360” deals that incorporated more than recorded music rights. Nor did the advent of streaming by itself reshape the structure of major record labels. The artists with the most streaming success are involved with major labels in one way or another, be it a traditional record contract, a joint venture or, in rare cases like Taylor Swift, a distribution deal.
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Corgan may have misjudged social media’s sole impact on record labels, but he wasn’t entirely wrong about its ultimate influence. When combined, social media, independent distribution and streaming form a potent combination that has changed the balance of power and induced major labels to change how they promote music around the world. This dynamic isn’t exactly new, but it was never clearer than in 2024. This year, major labels have increasingly embraced the role of being service providers to those parties who prefer to remain independent and retain ownership of their intellectual property.
A few years ago, Universal Music Group (UMG) was pouring money into superstar acquisitions such as Bob Dylan’s and Sting’s song catalogs. More recently, the company has been focusing on its artist services model. In the last three months alone, UMG acquired indie label group [PIAS] and agreed to acquire Downtown Music Holdings for $775 million, though the proposed deal has encountered opposition from the independent music community and will need to pass regulatory scrutiny before being finalized. The company also purchased Outdustry — which has an artist- and label-services arm that focuses on China, India and other high-growth emerging markets — and bought a stake in Chord Music Partners, giving UMG distribution and publishing administration duties for the more than 60,000 songs in the investment vehicle’s catalog.
In fact, 2024 played out much like UMG CEO Lucian Grainge said it would. His January memo predicted the company would continue to expand globally and offer labels outside of mature markets a “full suite of artist services” while “acquiring local labels, catalogs and artist services businesses.” To be fair, UMG was already on that path: In 2022, it acquired m-theory’s artist services company and installed its founders, JT Myers and Nat Pastor, as co-CEOs of Virgin Music Group to expand Virgin’s independent music division globally.
Warner Music Group (WMG) appears to have sensed the shifting landscape, too, as there has been a noticeable shift in messaging during Robert Kyncl’s tenure as the company’s CEO. In the Stephen Cooper era, WMG was the music community’s leading investor in Web3 startups. In contrast, Kyncl has chosen to focus on expanding WMG’s footprint globally. WMG briefly signaled its interest in acquiring Believe in March and April after the French company announced a CEO-led effort to take the company private. Notably, Believe has a global label services business and a presence in developing markets that take advantage of the “glocalization” of local markets and global streaming platforms’ ability to help music travel across borders. WMG ultimately passed on pursuing Believe, but Kyncl has followed his peers’ interest in emerging markets, purchasing stakes in Indian companies Divo and Global Music Junction.
The service model isn’t an entirely original approach. Grainge wrote that UMG is “creating the blueprint for the labels of the future,” but UMG is doing what major music companies have always done: following trends and buying independent companies that established a particular market. Sony Music already bought into the service model with The Orchard and AWAL, the latter purchased in 2022 for $430 million. Independents such as Believe, OneRPM and Symphonic Distribution have become established players by combining distribution and artist services, while investors have poured money into independents such as Create Music Group — which this year raised $165 million at a $1 billion valuation — and gamma, which is backed by $1 billion.
But the well-established blueprint was never more of a hot commodity than in 2024. In the music business, nothing signifies the relevance of a business model like the major labels’ desire to buy it and integrate it into their systems — especially when the largest music companies feel they have no choice. The holy trinity of social media, independent distribution and global streaming platforms has given artists an alternative to the much-derided major label record contract. Artists who want to own their intellectual property and have more creative control have never had more of the tools necessary to be independent. That includes financing options, such as advances from well-funded independents or royalty advances from a new breed of financial services companies. When there’s no need for radio promotion and shelf space at brick-and-mortar retailers, the independent model looks a lot more attractive — not only for artists but for the major labels that have become increasingly keen on buying into it.
Ironically, the major labels’ acceptance of the independents’ business model means the music business is becoming less independent. Trade groups such as the Association of Independent Music and IMPALA quickly spoke out against UMG’s agreement to purchase Downtown, just as they did with Sony Music’s purchase of AWAL. U.K. regulators ultimately concluded that AWAL was a “relatively small player” and that the deal did not substantially reduce competition. Time will tell if competition watchdogs feel the same about UMG’s much larger purchase of Downtown. In any case, the independents have proved that artist and label services businesses are a good fit for the modern music business. The next step was always going to be consolidation.
The Canadian government’s so-called “streaming tax” is on pause.
The CRTC (Canadian Radio-television and Telecommunications Commission) revealed in June 2024 that major global streaming companies would be mandated to pay 5% of their annual Canadian revenues into funds that fuel Canadian content. The decision was part of the Online Streaming Act, new legislation that modernizes Canada’s Broadcasting Act for the first time in a generation.
Since then, many of the biggest streaming companies — including Spotify, Amazon, Apple, Netflix and Disney — have been fighting the decision in court. This week, the Federal Court of Appeal decided to put the companies’ required payments on hold until their appeal is heard.
The Canadian Press reports that the payments, estimated to be at least $1.25 million each annually, will not have to be made until the court process is finished. They’ve agreed to expedite the hearings to June 2025, with the bulk of the money due in August.
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While pursuing legal challenges, many of the biggest streaming companies have also launched an online campaign to lobby against the decision in the court of public opinion. A group called DiMA (the Digital Media Association) — whose members include Amazon, Pandora, Spotify, YouTube, Apple and more — launched a website with a petition and letter-writing campaign under the name Stop the Streaming Tax. The campaign has at least one high-profile advocate in musician Bryan Adams, a longtime critic of CanCon regulations.
The 5% contributions “could lead to higher prices for Canadians and fewer content choices,” the website argues. “As a result, you may end up paying more for your favourite streaming services and have less control over what you can watch or listen to.”
Many Canadian music associations like CIMA (the Canadian Independent Music Association), meanwhile, have praised the CRTC’s decision. In June, CIMA president Andrew Cash called it “good news for the Canadian music sector” and said it “lays the groundwork for a dynamic partnership with digital platforms where Canadian talent can thrive both domestically and internationally.”
The mandated contributions would go to music funds like FACTOR and Musicaction as well as the Canadian Starmaker Fund, funds to support commercial and community radio, and to the Indigenous Music Office and other Indigenous music incubators.
More on this story as it develops.
This story was originally published by Billboard Canada.
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Richard Parsons, a Black executive lauded for his efforts leading Time Warner and Citigroup, died on Thursday (Dec. 26) at the age of 76. Richard Parsons navigated deals such as splitting one-time Internet giant AOL from Time Warner and other notable moves.
Richard Parsons, who also went by the shortened version of his name Dick, was born on April 4, 1948, in New York and was raised in the South Ozone Park in Queens. Raised by parents of middle-class means, Parsons was an exceptional student in grade school ahead of attending the University of Hawaii at Manoa on a basketball scholarship. Returning to the mainland, Parsons entered Albany Law School of Union University, New York, and earned his Juris Doctor degree in 1971.
Parsons’ legal career began after he was invited to work for New York Gov. Nelson Rockefeller, who was later appointed as Vice President of the United States by President Gerald Ford. Parsons traveled to Washington to work alongside Rockefeller in 1974, crossing paths with fellow lawyer Rudolph Giuliani during this stretch. From 1977 to 1988, Parsons worked for the Patterson Belknap Webb & Tyler law firm and was made partner.
In 1991, Parsons was asked to join Time Warner’s board and later became its president in 1995. Parsons oversaw Time Warner’s merger with AOL in 2000, but the partnership did not create the financial windfall some expected. After Time Warner Chief Executive Gerald Levin retired in 2001, Parsons stepped in to take Levin’s place. Under Parson’s leadership, Time Warner successfully split from AOL by removing the name association with the company and lowering the company’s $30 billion debt to $16.8 billion after selling Warner Music and portions of the wider business.
After stepping down in 2007 from Time Warner, two years later Parsons became the chairman of Citigroup, using his management and business oversight skills to help the banking company after it was hit by the financial crisis. In 2014, Parsons worked as the interim CEO for the Los Angeles Clippers after the NBA banned owner Donald Sterling for life for his racist remarks. Parsons, a Republican Party voter, did not involve himself with racial politics and famously downplayed race in interviews electing to focus on other aspects of himself.
In 2015, Parsons was diagnosed with multiple myeloma and officially retired in 2018 due to health concerns. Parsons passed away at his Manhattan home according to reports. His death was confirmed by Lazard, where he was a board member.
Richard Parsons is survived by his wife, Laura, and their three children.
[h/t CNBC]
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Photo: Getty