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LA Reid in Talks wtih Universal about Joint Business Deal

 width=Universal Music Group, working to keep unit Chairman Antonio “L.A.” Reid, has offered to create a jointly owned business with the executive, three people with knowledge of the situation said.

Reid may be able to take several artists from among those he has signed, who include teen pop star , Rihanna and Usher, the people said. , owned by Vivendi SA (VIV), may name a Def Jam replacement. Reid hasn’t agreed to the plan, said the people, who sought because the talks are private.

Universal Music , who took over in January, proposed the venture to keep a seasoned hand to guide some of the industry’s hottest , the people said. Grainge, who will run Universal from Los Angeles, hired from Music to run East Coast operations, adding a management layer above New York label chiefs who had reported directly to former .
(read the whole story here)

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