News: Music Mogul's "Epic" Powerhouse Move Official
Tuesday, Jul 19, 2011 3:45PM
After weeks of speculation, music mogul L.A. Reid has officially become the chairman and chief executive of Epic Records.
Reid's new position became public knowledge Monday (July 19) evening.
Antonio "L.A." Reid was officially named head of Epic Records on Monday, a long-expected move that TheWrap confirmed in June. Reid -- who will do double duty as a judge on Simon Cowell's singing competition show "The X Factor" in the fall -- will carry the title of chairman-CEO, a fitting role for the man who headed Island Def Jam from 2004 to 2011. (Reuters)
Sony Music Entertainment CEO Doug Morris also released a statement on Reid's new position.
"L.A. repeatedly has proven over the course of his celebrated career that he knows how to develop world-class artistry," Morris said in a statement. "We are very happy to have an executive of his talents leading Epic Records as we begin an exciting new chapter of growth for Sony Music Entertainment." (Los Angeles Times)
Rumors about Reid's new gig circulated online around mid-June.
Sources tells THR the 55-year-old executive is expected to arrive at 550 Madison just after the fourth of July holiday (Sony Entertainment's new chief executive Doug Morris officially takes the reigns on July 1). In his new position, Reid will inherit the label last helmed by songwriter Amanda Ghost, whose controversial one-year stint nearly destroyed the company. Since her exit in late 2010, things have quieted some, but hits are still hard to come by, despite some significant strides, namely breaking The Script and, on a smaller scale, Denmark's Oh Land. (The Hollywood Reporter)
After leaving Def Jam in March, Reid hinted at plans to make a return to the music industry.
"Listen, I'm nobody's fool, I didn't give up my day job," he said in an interview. "I just left, I had to leave Universal Music Group and try my hat on someplace else, that we'll announce, well... we'll announce that in a little while...It's a little bit of a shift...You're not done with me yet -- I'm telling you the truth: I have not been shipped off to TV land. I am a record executive and I shall be right there in your face with my records." (Hot 97)
Check out a past L.A. Reid interview down below: