Universal Music Group has created a new joint venture with Patrick Whitesell and its supported investment company in capital Silver Lake WTSL, Whitesell and UMG announced on Thursday.
The Place Whitesell agreement – who left his post as an executive president of WME in March – in business with the largest music company in the world. Neither UMG nor Whitesell revealed any specific financial details of the new partnership.
Among the UMG superstars are Billie Eilish, Ariana Grande, The Weeknd, Lady Gaga and Taylor Swift, among others. Whitesell and UMG said that the JV focuses on taking music and UMG artists and the creation of more opportunities with their IP by “film, television, fashion, consumer products and brand experiences” among other potential avenues.
“It is a question of building the future of the IP artist with the scale and the ambition he deserves,” said Whitesell in a press release. “Universal Music Group represents the most powerful collection of music and artists all over the world. Together, we will explore new ways to extend this cultural force in each dimension of entertainment and the life of consumers – creating a sustainable commercial value while keeping music at the center. ”
The recording of artists remain some of the most marketable characters in entertainment for brand partnerships given their legions of fans. UMG, for its part, has become more and more focused on the search for more means to focus on “super-favors”, who have shown a desire to spend more for their favorite artists from music in limited edition, including goods.
“We exist at the center of a dynamic ecosystem of partners of the worlds of technology, brands, retailers and the media who recognize the power of our artists to shape culture on a global scale. With this new company, we will be able to take advantage of Patrick’s deep experience in the successful creation of our non -traditional commercial models with the property of world ownership to accelerate our artists. ”
The company supported by Lake Silver de Whitesell was announced for the first time when Endeavour’s privilege was announced last year. Aside from the company with UMG, since his departure from WME in March, Whitesell had also invested in Omaha Productions of Peyton Manning.
