The New York Daily News has said that former Sony boss Tommy Mottola isn't likely to raise anything near the $30 million he is looking for to help launch a new music venture. As previously reported he had hoped to come to a deal with Sony with regards his new project but when that didn't work out he started looking elsewhere to other labels and investors. One industry insiders is now reported as saying that Mottola is "considered old-school ... business has changed,” and that as a result less people are willing to enter into a deal with him. It looks most likely that he will enter into some venture with Universal Music, though he is also thought to be talking to EMI.
May 6, 2003
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1 min read
Former Sony man may need to take a cut in his ambitions
Former Sony boss Tommy Mottola is unlikely to raise the $30 million he sought for a new venture, with Universal Music and EMI reportedly in talks.