NEW YORK, NY, Jun 13, 2007 -- Warner Music Group Corp. (NYSE: WMG) and Chris Lighty, founder and
CEO of the artist management company Violator Management, today
announced the formation of a new joint venture to be known as Brand
Asset Group. The Group is designed to increase revenue by more
aggressively managing artist brands from all genres and capitalize on
the value of those brands through corporate sponsorships, strategic
and integrated marketing campaigns and comprehensive brand extensions.
Lighty will serve as CEO of Brand Asset Group, where he will develop
product endorsement opportunities and implement strategic, integrated
marketing campaigns with artists for the vast array of Fortune 500
companies. The company will seek to serve artists in all genres of
music and entertainment -- including, but not limited to -- artists on
WMG's labels.
In making the announcement, Lyor Cohen, Chairman and CEO, U.S.
Recorded Music for Warner Music Group, said, "Music and artists are at
the core of everything we do. Our job is to build an infrastructure
that can provide opportunities for artists. Few people in the
entertainment industry have been as successful as Chris has been in
uniting artists and brands, and we're thrilled that through this new
venture, we'll be able to bring Chris' talents and skill to bear on
WMG's roster as well as artists from other labels.
Kevin Liles, Warner Music Group's Executive Vice President, said,
"Chris' ability to transform artists into successful multi-media
brands has made him a true pioneer. Having worked with Chris for
years, I'm confident that together we can build Brand Asset Group
into another powerful resource for our artists."
"WMG is a company full of innovators," said Violator CEO Chris
Lighty. "Together, we can leverage our skills, relationships and our
combined strengths in order to benefit the music industry. There are
new and significant brand extension opportunities for artists with
different companies that have never been contemplated before. We are
eager to work together for the mutual benefit of artists, fans,
corporate sponsors and WMG."
Lighty will continue in his role as CEO of Violator. As CEO of Brand
Asset Group, he will report to Kevin Liles and work closely with
executives at Warner Music Group's labels including The Atlantic
Records Group and Warner Bros. Records in identifying sponsorship and
brand extension opportunities for artists.
Lighty founded New York's Violator Management & Records in 1990. In
2006, Forbes Magazine named him "one of the industry's most
influential talent managers" based on his many accomplishments
including transforming his longtime client 50 Cent from a
multi-platinum artist to a $200 million industry encompassing CDs,
films, tours, video games, book deals, a clothing line (G-unit) and
investment/endorsement deals with Glaceau's Vitamin Water.
Other artists managed by Violator include Diddy, Missy Elliott, LL
Cool J and Busta Rhymes. His clients have sold more than 80 million
albums worldwide.
Over the course of his career, Lighty has become well-known for his
ability to link artists with major corporate brands. Watershed
moments in brand extension were realized in the early 90s as a result
of Lighty's efforts. LL Cool J became one of the first hip hop
artists to appear in a commercial for The Gap. Lighty has also
secured major brand commercial opportunities for Busta Rhymes with
Mountain Dew, A Tribe Called Quest with Sprite, and the Missy Elliot
campaign with MAC. These were breakthrough brand extension deals in
the entertainment industry at the time.
Lighty began his career carrying crates of records for DJ Red Alert.
In 1989, Lighty joined Russell Simmons and Lyor Cohen at RUSH
Management. Shortly after, he started the indie label Violator signing
Fat Joe and Beatnuts. In the early 90s he moved the label to Def
Jam, signing multi-platinum artists Warren G and Foxy Brown. In
1999, while maintaining his management position, Lighty sold the
Violator Records roster and catalog to Def Jam.
About Warner Music Group
Warner Music Group became the only stand-alone music company to be
publicly traded in the United States in May 2005. With its broad
roster of new stars and legendary artists, Warner Music Group is home
to a collection of the best-known record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West, Elektra,
Lava, Maverick, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire,
Warner Bros. and Word. Warner Music International, a leading company
in national and international repertoire, operates through numerous
international affiliates and licensees in more than 50 countries.
Warner Music Group also includes Warner/Chappell Music, one of the
world's leading music publishers, with a catalog of more than one
million copyrights worldwide.