Exclusive: Billionaire HaimSaban pledges $500 million for new record label
Haim Saban. “They thought we were on the cusp of the golden age of the music world,” recalls Saban. “The first thing that came to my head was, ‘If this is the golden age, why am I ignoring it?’”
Saban decided to pay attention, to the tune of half a billion dollars: He plans to invest $500 million in Saban Music Group , a new Los Angeles-based label and music company with a global outlook and a roster to match. It will be led by CEOThe money doesn’t come with a timeline or strings attached. “I can tell you that that $500 million is available now,” says Saban flatly. “The timing of the expenditure will depend on the opportunities presented to us.
Those opportunities will fall under two main categories: artist development and acquisitions. Already, SMG has signed Colombian reggaetón star
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