Lyric Street Records, home to acts such Rascal Flatts, Bucky Covington and Love and Theft, will be shuttered according to reports online. The Nashville-based label opened its doors in 1997 and has been home to artists such as Billy Ray Cyrus and SHeDAISY.

"Given the changing nature of the music business and the more streamlined priorities of the [Disney] Studios, we need to find alternative ways to create and market new artists and their music to consumers," said Bob Cavallo, chairman of Disney Music Group, according to the Wall St. Journal.

According to the Journal:

"Disney said it will phase out Lyric Street operations while keeping a core promotions team to market and promote the label's current records. Rascal Flatts will be moved to another Disney Music Group label, which will release the group's fall album. Disney Music Group handles all Walt Disney Studios' recorded music and music publishing operations, including Hollywood Records, Walt Disney Records and Walt Disney Music Publishing."

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