Former Warner Music Group Recorded Music chief Lyor Cohen has reached agreement with Google Inc. and other investors to fund his new music-based entertainment company which is likely to be distributed through Atlantic label, several people familiar with the plans said.
Cohen, who made a surprise exit from Warner Music just over a year ago, has been working through his non-compete clause to build an innovative artist development and label business designed from the ground up for the 21st Century. The new business will have access to the marketing and distribution infrastructure of a major, but will have the cost structure of a more nimble and flexible indie.
