Sony Music Masterworks today (Oct. 15) announced it is launching a new joint venture with leading artist manager and tour producer Jonathan Shank, acquiring a majority stake in his new company Terrapin Station Entertainment.
Under the agreement, Masterworks will work in partnership with Shank to identify and acquire the licensing rights for a wide range of live productions from Terrapin, including licensed tours and events adapted from popular television shows, social media properties and digital content platforms with a focus on family entertainment and live music.
Shank left Red Light Management earlier this year to launch Terrapin Entertainment, named in honor of his work managing and producing live shows for the Grateful Dead’s Mickey Hart.
Shank has developed and managed a number of successful family-oriented touring productions including Disney Junior Holiday Party, LOL Remix Live in 360, Peppa Pig Live, The Fresh Beat Band. He will lead the joint venture in tandem with Mark Cavell, president of Sony Music Masterworks. Masterworks and Shank will also work to further grow Terrapin’s artist management business and drive career advancement for its roster of dynamic developing artists including Victoria Justice, Scarypoolparty, Maddie Poppe, Magic!, Laura Marano, and Sam Tsui.
The joint venture comes as the North American family show market goes through a period of upheaval — Cirque du Soleil filed for bankruptcy protection in June while Feld Entertainment, which operates the popular Disney on Ice series, furlough and laid off most of its staff in March.
“As a company, great entrepreneurs excite us and Jonathan is just that. They help us grow and we can help them grow with proactive support,” Cavell says. “Jonathan is extremely passionate and committed, and he has a natural connection with artists and creatives. We’re thrilled to work closely with him and the Terrapin team to further develop our opportunities in the live space when the touring business returns and to expand our business to now include artist management for the first time.”
Shank added: “With the support of Mark and our staff, there’s a tremendous opportunity to build Terrapin into one of the most competitive artist management and production companies in the industry. We are also sympathetic to the state of live entertainment right now. We want to be at the forefront of helping bring live experiences back to the world and shine light on the ability of new entities to build a foundation and thrive.”
Masterworks continues to expand its presence in the live touring business following the recent launch of its RoadCo Entertainment joint venture with The Road Company and previously-announced acquisitions of global event companies Raymond Gubbay Ltd. (RGL) and Senbla in the U.K.
For nearly a decade, Shank led the family entertainment division of Red Light Management, galvanizing the success of multiple record setting tours to the tune of over $80 million in gross box office sales. The T.J. Martell Foundation is honoring him with the T.J. Martell Trailblazer Award for his leadership in the industry and philanthropic endeavors.