500M Funded Saban Music Signs With Universal For Distribution, Marketing
Saban Music Group, a new music company backed by a $500 million from Haim Saban, creator of Mighty Morphin’ Power Rangers and head of investment house Saban Capital Group, today announced a global distribution and marketing agreement with Universal Music Group.
SMG will be distributed in the U.S. by Caroline, the indie-focused arm of UMG subsidiary Capitol Music Group, and work in tandem with Caroline International and UMG’s Santa Monica-based central services team for all other territories.
On January 10th, “Further Up,” an Urban/Dance club banger from superstar duo Static & Ben El, featuring Pitbull will be the inaugural release.
“Sir Lucian has built the #1 music company in the world with an unprecedented streak of artist development,” Saban commented. “There is no better home for our artists and their music.”
“Haim has a proven track record of creating world-class entertainment,” said Sir Lucian Grainge, UMG’s Chairman & CEO. “We’re looking forward to working with his team at Saban Music to bring groundbreaking new artists and music to fans around the globe.”
Spearheaded by former longtime UMG exec Gustavo Lopez, SMG has been signing 360 deals with artists since SMG’s launch announcement in July 2019.
“It’s exciting to once again work with UMG, my home for more than 20 years,” says Lopez. We’re looking forward to working with Sir Lucian’s record-breaking and industry-leading teams.”
As part of its overall growth strategy, Haim Saban’s $500 million commitment to SMG includes the future acquisition of recording, publishing and management entities.