Roughly six months since funneling half a billion dollars into new record label and music company Saban Music Group (SMG), entertainment mogul Haim Saban has secured Universal Music Group's support for the venture.
Under a new a global distribution and marketing agreement, the Los Angeles-based SMG will be distributed in the U.S. by Caroline, an arm of UMG subsidiary Capitol Music Group. For all other territories, SMG will work in tandem with Caroline International's 11 offices outside the U.S., and UMG's central services team, based in Santa Monica, Calif.
“Haim has a proven track record of creating world-class entertainment,” commented UMG chairman and CEO Sir Lucian Grainge. “We’re looking forward to working with his team at Saban Music to bring groundbreaking new artists and music to fans around the globe.”