This time last year, 300 Entertainment looked like it was really starting to motor.
Having been founded by former Warner Music and Def Jam boss Lyor Cohen in 2012, the business had its first genuine blockbuster artist in Fetty Wap – whose Trap Queen and 679 both went Top 5 on the Billboard Hot 100 in 2015.
It also had some serious backing from Google Ventures, which at some stage is believed to have pumped $5m funding into the label.
But in September, we learned that Cohen (pictured) was effectively quitting 300 to become Global Head of Music at YouTube.
His replacement in the hotseat was widely expected to be 300 co-founder (and former Warner Bros chief) Todd Moscowitz.
But last month, in another shock, we learned that Moscowitz was joining Universal Music Group to launch a New York-based JV.
It begged the question: does 300 Entertainment even have a future?
The latest: MBW hears it definitely does, and a recruitment process is underway for a new CEO/President at the label.
Who’s in line for the throne?
The name we’ve heard in the rumor mill a few times in recent days is respected Republic Records EVP of A&R, Rob Stevenson.
The remaining team at 300, where Cohen is still a shareholder, are believed to be big fans of the former Virgin Records America A&R boss – who joined Republic in August 2011.
It would certainly be a coup for 300 to pull off the recruitment of Stevenson (pictured inset) – who has worked closely with Monte and Avery Lipman at Republic in recent years to bring through the likes of The Weekend and James Bay.
Equally, you can hardly expect Universal and Republic – on a hot streak in 2016 and widely cited as a label doing a roaring trade on streaming services – would be keen to let him go.
Expect more developments on this in the new year…Music Business Worldwide
