Sheridan Square Entertainment, which has been growing mainly through acquisitions, has combined its label operations, reconfigured its management structure and consolidated positions. As a result of those moves, it has named Andy Gershon, chief creative officer, Michael Olsen, COO and Chris Scully as CFO. The company also let go about 20 employees.
In the shuffle, Artemis president Daniel Glass is leaving the staff, but will stay involved in the company as an equity owner, consultant, and through his own boutique label.
Olsen will lead the day to day operations at SSE; Scully will handle all the financial dealings both on a day-to-day basis as well as strategically; and Gershon, the CEO of V2 North America prior to its acquisition by SSE in November 2005, will continue to oversee artist development, marketing, promotion, and sales of the combined frontline labels. Olsen, Scully and Gerson report to Sheridan Square Entertainment co-CEOs Joe Bianco and Anil Narang.
“Andy is running the label group, and Daniel, as an equity holder, will continue to help us with the things he is involved in here,” says Sheridan Square Entertainment co-CEO Joe Bianco. “Also, he will build a boutique label, which we will be an investor in.”
Bianco says the new structure will help the company to grow. In 2005, with the V2 acquisition, Sheridan Square had pro forma revenues of $80 million. Bianco says the company will top that figure this year.
“We have some things coming down the pike, including some important new signings and some acquisition activity, which we hope to announce in the next couple of weeks,” adds, Anil Narang, co-CEO. In addition to V2 North America and Artemis, Sheridan Square imprints include Light Records, Compendia and Artemis Classics.