Universal Signs New Agreement With Republic's Monte and Avery Lipman

Universal Music Group has signed new long-term agreements with Republic Records founders Monte Lipman and Avery Lipman as they become Chairman & Chief Executive Officer and President & Chief Operating Officer, respectively, of the company they started as an independent label in 1995. The announcement was made today by UMG chairman & chief executive officer Lucian Grainge, and UMG chairman & CEO of East Coast Labels Barry Weiss.

"Monte and Avery have established themselves as one of the industry's most formidable creative teams," Grainge said in a statement. "They are truly world class music executives who have rewritten the rules for breaking new talent. We couldn't be more delighted that they will continue building Republic as a home for truly inventive artists."

"Monte and Avery are two of the most entrepreneurial, effective, street smart, creative leaders in the music industry," Weiss added. "Their track record is unparalleled. They constantly think out of the box and their results speak for themselves. This is great for them and for Universal Music Group, and is just the beginning of their next chapter."

"We work every day towards building a culture that supports the artist community and the entrepreneurial spirit that shapes our company," added Monte and Avery. "The unparalleled support of Lucian and Barry for Republic continues to inspire us to be competitive, while serving the needs of our extraordinary artists, venture partners, and dynamic executives."

In recent months, Republic has scored hits Gotye, PSY (via Schoolboy Records), Of Monsters and Men, The Weeknd, Florence + the Machine and others.

The company also has partnerships and strategic alliances with independent labels, including Cash Money Records (Lil Wayne, Drake, Nicki Minaj, Tyga), Big Machine (Taylor Swift), Brushfire Records (Jack Johnson), Republic Nashville (The Band Perry, Eli Young Band, Florida Georgia Line), Lava Records (Jessie J, Black Veil Brides), XO (The Weeknd), American Recordings (The Avett Brothers), School Boy Records (PSY) and Loma Vista (Soundgarden), among others.