Ienner-Led Venture Flexes Heavy Cash, Pursues Acquisitions
A music-focused venture led by former Sony Label Group chairman and chief executive Don Ienner has now rallied strong levels of capital, according to a pair of sources close to the project. The executive sources, who spoke to Digital Music News on the condition on anonymity, would not disclose specifics related to funding partners involved. Ienner, who departed Sony last year, is pushing a strategy that involves the roll-up of independent labels and management firms. Also involved in the effort is Soundscan cofounder Mike Shalett, according to one executive.
The diversified approach shifts the focus away from recorded assets, and broadens the model to include a number of other music-related revenue-generators. That resembles some aspects of the Sanctuary Group, a company in the process of being purchased by Universal Music Group. Meanwhile, it appears that Ienner and associates are actively pursuing acquisition deals, and approaching companies with solid rosters and growth potential.