The long planned exit of Sony Music Entertainment non-executive chairmen Doug Morris will happen at the end of March, according to mulitple sources. But the 79 year old music execitive is not going quietly, but rather launching a new, well funded independent label.
While fully funded, it's backing is not from Apple, says Jimmy Iovinne, who Hits Magazine also claimed would be joinging the new label. “There’s no way that’s happening,” declared Iovinne who says he’s “never going back to the label business.”
Former Def Jam CEO Steve Bartels is also said to be joining 12 Tone; and he, at least, has not denied the rumors.
Morris, who has said that streaming will help double the size of the global recorded music business in the next five years, is said to be currently negotiating global distribution.
Little else is known about his new venture. But the only man who has led all three major label groups clearly still has his supporters.