World Music Download Site To Launch
New Free Software Promises You'll Never Miss A Concert Again

Lack Lacks SonyBMG Backing. Days Look Numbered

Hitslogo2_7From HITS online, "It appears the clash among Sony BMG executives has intensified in the week since the story broke that Bertelsmann told Sony it is against renewing SBMG chief Andy Lack’s contract when it expires in six months, the New York Post’s Tim Arango writes today."

"According to the Post, outgoing SBMG COO (and long-time BMG exec) Michael Smellie told a group  of financial analysts that he would consider staying on if changes were made to top management, apparently referring to Lack."

And in a private discussion with one London-based analyst, Smellie reportedly said that Sony label Sonybmg_19 Columbia’s recent renewal of Bruce Springsteen’s contract for upwards of $100 million was a "trigger" in unleashing anti-Lack sentiment and one of the main reasons for Bertelsmann withdrawing its support..."

"...According to reports, Sony has the ability to extend Lack’s tenure through the end of 2006, but after that, any additional extension would require Bertelsmann’s approval."

Comments