Capitol Music Group chairman and CEO Steve Barnett is retiring after nearly 50 years in the business. In conjunction, the Capitol Music Group announced that current Capitol Records President Jeff Vaughn and CMG COO Michelle Jubelirer will be promoted to oversee the company. In 2019 the domestic recorded music business generated $11.1 billion in revenue, up 13% from the year before, according to the Recording Assn. Such growth is one reason why French conglomerate Vivendi, Universal’s parent company, recently announced its intention to take the Universal Music Group public in 2022. (Jay L. Clendenin/Los Angeles Times)Universal’s Grainge hired Barnett away from Columbia to oversee the newly formed umbrella subsidiary the Capitol Music Group.

Source: Los Angeles Times November 05, 2020 23:38 UTC