Over email, a representative for CMJ told Billboard that "nobody who was ever involved in CMJ before, is involved now," including former CEO Adam Klein. Last year, Klein was ordered to pay $555,000 to four former CMJ employees who sued for unpaid wages and other damages.
CMJ was founded in 1978 as College Music Journal, a trade magazine for college radio stations. The annual CMJ Music Marathon was introduced in 1980 and held its last edition in New York City in 2015.
The festival and conference was a New York City institution until falling into financial troubles over the last few years. Klein acquired the company from CMJ Holdings in 2014 after founders Bobby Haber and Joanne Abbot Green sold their remaining stakes to the group.
In 2016, a Billboard investigation detailed many of the legal and financial issues surrounding the company. That year, Haber and Green founded a new conference and festival, Mondo.NYC, which largely followed the blueprint of CMJ.
In another tweet Thursday, CMJ wrote, "We are completely different people, but we do know the wrongs that were done and we want to do the right thing. Thanks."