Universal Music Group chairman/CEO Doug Morris has signed a new long-term deal to lead the world's largest record label. Terms of the deal were not disclosed.

"I'm enjoying what I'm doing enormously right now. I want to take the company through this bumpy period, to the takeoff. And it's close to the takeoff," says Morris in an exclusive cover-story Q&A with Billboard, in this week's issue.

Additionally, former Atlantic and Capitol top executive Jason Flom is nearly finished with negotiations that would bring him into the UMG fold, Morris told Billboard.

Morris was a mentor to Flom when the latter started Lava Records as an imprint of Atlantic and Morris was then-chairman of Warner Music Group. Flom left his position as chairman/CEO of Capitol Music Group earlier this year, amid layoffs and restructuring at parent company EMI.

A source close to the negotiations says it is likely Flom will start a new imprint through Universal Republic, headed by president/CEO Monte Lipman. Morris, for his part, says that Flom would be working in an A&R capacity.

"Jason will be doing exactly what he's always done, which is trying to get hits," Morris says. "I'm simplifying this so it sounds pedestrian. Jason is going to bring in talent."

For an exclusive online Q&A with UMG's chairman/CEO Doug Morris click here.