More details have emerged of L.A Reid’s new venture, Hitco Entertainment, with the firm currently recruiting for at least two new members of staff.
Founded by Reid and entrepreneur and TouchTones Chairman Charles Goldstuck, the Los Angeles-HQ’d company is primarily focused on the creation, production, recording, distribution and exploitation of recorded music and recording artist services.
It also runs offices in New York and Atlanta.
After launching in January, Hitco is currently looking for a Senior Finance Associate/Analyst and a Staff Accountant for its Beverly Hills office.
More details on the vacancies are available over on MBW’s Music Business Jobs platform.
Reid’s independent company has raised what high-level sources say is around $75m in funding. Other sources suggest this figure could be as high as $100m.
That cash looks set to be used in part to fund potential acquisitions, investments, and other strategic growth opportunities, according to the Senior Finance Associate job description.
Former GM of Dr. Dre’s Aftermath Entertainment, Kirdis Postelle, who was most recently Senior VP at Warner Bros. Records, is thought to be taking on a leadership role at Hitco, according to Billboard.
She previously worked for L.A Reid at his LaFace Records in 1992.
The Hitco name isn’t technically new—Reid formed Hitco Publishing Group in 1996 as a joint venture with Windswept Music.
Signings included Beyoncé, Sean Garrett, Kevin “Shek’spere” Briggs and Gordon Chambers.
Having run Epic Records for six years, Reid left Sony in controversial circumstances in May 2017 –just one month after the arrival of Rob Stringer as the major’s global CEO.
Epic’s roster during Reid’s tenure included the likes of DJ Khaled, Future, Fifth Harmony and Mariah Carey.
As the co-founder of LaFace Records – a JV with Arista – Reid was involved in the early careers of superstars like Usher, TLC, Toni Braxton, OutKast and Pink.
In 2004, he moved to Island Def Jam, where he worked with the likes of Kanye West, Rihanna and Justin Bieber.
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