Looks like Lousada and Greenwald are laying the groundwork for something big with their newly formed companies. Just keep an eye on what unfolds.
Former Warner execs Max Lousada and Julie Greenwald have joined forces as equal partners in two newly registered UK companies: 26.2 Music Ltd and 26.2 Services Ltd. These businesses were incorporated in November, according to records from UK Companies House, and both executives own between 25% and 50% of each entity.
While details remain scarce, sources from The Times of London suggest that Lousada and Greenwald are exploring potential partnerships to finance a new venture. The names of the companies themselves, however, may offer clues about their intentions. The designation “26.2” references the length of a marathon in miles, possibly signaling a long-term vision for artist development rather than a quick rush to market.
The distinct separation between ‘Music’ and ‘Services’ hints at a strategic approach that might differentiate the acquisition and ownership of music rights from their exploitation and development. In this setup, 26.2 Music could focus on acquiring music assets from established artists and rights holders, while 26.2 Services may cater to independent artists, helping develop their work in tandem with music asset management.
This framework could reflect Lousada and Greenwald’s experience in nurturing talent through patient A&R strategies, ultimately leading to chart-topping global hits. Some industry experts argue that separating ownership from operational management can be more appealing to investors, as rights can carry a higher valuation when considered independently.
Major music companies like Universal Music Group and Warner Music Group have traditionally combined their rights ownership and operational structures, yet both have recently launched sister ventures aimed exclusively at asset ownership. For example, Chord Music Partners, a collaboration between Dundee Partners and UMG, has seen its assets — valued at approximately $1.85 billion in 2024 — grow significantly after raising over $2 billion through strategic acquisitions.
Similarly, Warner Music Group partnered with Bain Capital to create Beethoven JV 1 LLC to focus on rights acquisitions, boasting $1.2 billion in spending power. This venture is structured to allow WMG to manage the assets after existing contracts expire.
Recent industry trends indicate that other companies are testing variations of separating music rights ownership from their exploitation. Downtown Music Holdings sold its catalog of 145,000 copyrights to Concord in 2021 while pursuing a services-only model. That remaining business is expected to be acquired by UMG, pending regulatory approval.
Hipgnosis Songs Fund primarily outsourced administration of its rights portfolio, which was valued at $2.61 billion last year. This business model, focused on rights, illustrates the potential for successful investment through separation.
However, there are inherent risks in splitting ownership and exploitation. Established music companies rely on revenue from owned catalogs to support new artist development, and separating these could impact cash flow. Additionally, managing two separate entities may introduce complexities, including governance, reporting requirements, and contract negotiations.
Both Lousada and Greenwald exited Warner Music Group in 2024 after extensive careers in the music industry. Lousada spent two decades at WMG, including serving as CEO for eight years, while Greenwald transitioned from her role at Atlantic Records to chair Atlantic Music Group before her departure in early 2025. Their collective experience includes collaborations with high-profile artists such as Ed Sheeran, Coldplay, and Lizzo, underscoring their solid backgrounds in artist development. As Lousada stated upon his exit, “The music business has always been about evolution, and the time has come for me to build something new.”
D.L. Hughley Reacts to Jonathan Price’s Praise for Cops