Live Nation Entertainment and Universal Music Group announced this week that they are forming a strategic partnership of both companies’ management assets.
UMG, along with Live Nation’s Front Line Management Group, will introduce a joint venture management company with the aim of building artistic brands through sponsorships, strategic marketing, and more. Each unit will operate individually, but will be able to utilize the other’s assets.
Front Line will manage the partnership, focusing on building consumer bundling initiatives for UMG artists such as concert tickets and music products through artist web properties.
According to the New York Post, Universal’s management companies to be combined include Trinifold, Twenty First Artists, 5B and Sanctuary, a roster that boasts The Who, ZZ Top, NBC’s The Voice, Robert Plant, and more. They’ll join artists under the Front Line umbrella, such as the Eagles, Jimmy Buffett, Christina Aguilera, Journey and others. Live Nation will reportedly get a 51 percent stake in the combined companies.
“This is an unprecedented partnership that unites the world’s top music artists with the world’s leading artist management, live entertainment, event ticketing and sponsorship resources to drive innovation across our industry,” commented Live Nation/Front Line Chairman Irving Azoff. “We see tremendous opportunities to work together to create a broad range of products built on the power of music and the direct connection between artists and fans. We look forward to working closely with Lucian Grainge and the talented UMG team in this new and exciting chapter of the music industry.”
