Doug Morris, the former head of Universal and Sony Music is reportedly thinking about starting a new record label. Morris stepped down as CEO of Sony last year, making way for Rob Stringer but stayed on as a non-executive Chairman. Now, however, the 79-year-old may want to start up his own thing.
According to Complete Music Update:
He’ll step down from that job too next month, gossipers say, leaving the major to launch a new record company. Billboard’s sources reckon that Morris already has funding in place for the new label business, and that a close alliance with Apple Music may be part of the venture, although the tech giant won’t be a shareholder.
Morris was at Universal during the time Jimmy Iovine and Dr. Dre set up Beats. Since Universal had a piece of that business venture, they were able to cash in once the company was bought by Apple in 2014.
Of course, rumors about Morris starting his own label is all speculation. The music world will have to wait to see what happens in the coming months.