Current U.K. execs starting new company.
Windswept, one of the leading U.S. independent music publishers, is closing its London office on June 30.
Evan Medow, Windswept Holdings CEO, says that the nature of deals currently available with U.K. writers make he office economically unfeasible.
"What with the high advances, low fees and short retentions, we would prefer to invest in opportunities that will provide us with a higher return, longer involvement and the ability to build assets,” he says.
Peter McCamley and Paul Flynn, the current management team, are forming a new company, P&P Songs. Windswept said in a statement that it is currently negotiating a long-term sub-publishing deal with them to represent the catalog in the United Kingdom, and will most likely provide financing to assure the success of their business.
Windswept represents the Trio and Quartet catalogs (“Fever,” “Happy Together”); Hitco Music (Beyonce Knowles, Ciara Harris); and such songwriters as Pete Townshend, the Kings of Leon and Mike Elizondo.