L.A. Reid Leaves Epic Records
After a six-year run, L.A. Reid is putting a condo on his wrist and cashing out of Epic Records.
Reid joined the Sony Music label in 2011 and was signing huge acts like Meghan Trainor, Future, Travis Scott, Fifth Harmony, and DJ Khaled, and we can’t forget how he lured Mariah Carey back into the fold.
With all those great accomplishments, he still faced criticism….
He’s reputed to be a big spender when it comes to artist budgets, the sort of deep pockets major labels can no longer afford in today’s downsized music industry. There have also been rumors of strife between him and Carey, which Reid hoped to quell by hosting a lavish dinner for the singer just a week ago.
His Epic stint was shaky at first. Back in 2011, Reid signed on to be a judge on Simon Cowell’s “X Factor.” While the show, which ran for three seasons, yielded the uber-successful group Fifth Hamony, Reid’s CEO duties were hampered by his TV obligations, he would later confess. Once freed of “Factor,” Reid was able to focus on A&R, shifting the label’s focus to a more urban roster and scoring several No. 1 albums, including releases by Future and Khaled. In a show of support from above — Rob Stringer ascended from chairman of Columbia Records to Sony Music CEO in April — Reid was given the green light to move Epic’s headquarters to Los Angeles. The label, along with other west coast annexes of Sony properties like Columbia, RCA Records and Sony/ATV Music Publishing, are based out of Sony Pictures’ Culver City lot.
L.A. Reid is a very savvy businessman, so I’m interested to see what his next strategic move will be.