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Former Sony Music Chief to Launch Record Label with Universal Music.
Knight Ridder/Tribune Business News, July, 2003
By Phyllis Furman, Daily News, New York Knight Ridder/Tribune Business News
Jul. 8--He's baaaack.
Tommy Mottola, ousted as head honcho at Sony Music seven months ago, has soared to the top of the charts again -- snagging a $50 million payday at arch rival Universal Music Group.
Diva-maker Mottola, the ex-husband of superstar Mariah Carey, will launch a new label called Casablanca, to be distributed by Universal.
The Vivendi-owned unit will hold a stake in Casablanca -- a name that harks back to the 1970s and 1980s when it sold millions of records from acts like Kiss and Donna Summer. The music giant has agreed to fund the label over five years and will take a cut of its profits.
The deal underscores the unrelenting...
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