Sony Creates Sony Music Group for Recordings and Publishing

Sony Corporation is consolidating Sony Music Entertainment and Sony/ATV Music Publishing under a newly formed Sony Music Group.

The company has named Sony Music CEO Rob Stringer to head the new group.  Under the new structure, Jon Platt, Chairman and CEO of Sony/ATV Music Publishing, will report to Stringer. Platt will retain responsibility for the operation of the music publishing business, according to Sony President and CEO Kenichiro Yoshida.

In addition to the chairman role, Stringer remains CEO of Sony Music Entertainment, now the recorded-music arm of the new Sony Music Group.

“The purpose of this new Group is to further strengthen and solidify Sony’s position as a leader in the music industry and create new value for the company,” Sony said in a memo.

“This unification will help us foster a higher level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization,” the memo said.

Pictured: Sony Music CEO Rob Stringer

Source: Forbes