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Doug Morris Secures Funding to Launch New Label

Sony Music Entertainment's non-executive chairman Doug Morris has secured funding to launch a new record label, sources tell Billboard.

Morris, 79, ceded his post as Sony Music’s CEO to Rob Stringer last April, but he isn’t ready to retire from the music business when he leaves his chairman role at the end of March, sources say.

Morris's venture would be one of several emerging music firms with major-label veterans at their helms that could compete with the three big record companies. Former Epic chairman/CEO L.A. Reid is readying to launch his entertainment company Hitco; former Interscope president Steve Stoute raised $70 million for his startup United Masters, which will distribute and promote music for independent acts and help them market to their biggest fans.

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