Scooter Braun, the elite artist manager, is starting a music business investment fund and has approached some of the industry's big players to come on board.
In an article published overnight by the New York Times, Braun is understood to be behind a $120 million venture. He’s reportedly in advanced talks with “a number of potential partners,” including the likes of Drake along with his managers; Jason Owen, who represents Shania Twain and the country band Little Big Town; and Lady Gaga’s former manager Troy Carter.
DreamWorks Animation SKG CEO Jeffrey Katzenberg is said to be acting as an informal adviser on the project – the name of which isn’t revealed.
The reported Board members of the new entitiy include Thomas Tull, a Hollywood producer, and David Politis, the founder of BetterCloud
“The majority of the $120 million raised is from funds managed by Waddell & Reed Financial, an investment management company based in Overland Park, Kan,” the NY Times notes. “The venture has commitments for financing that could bring the total to about $200 million under certain conditions.”
Braun, who guides the careers of Justin Bieber, Carly Rae Jepsen and Psy, was known to be working on something big and the investment fund fits that profile.
Last April, Billboard featured a cover story on the convergence of the music industry and the technology sector featuring Braun, Carter and Madonna's manager Guy Oseary.
Bilboard will have more on this story.