(AllHipHop News) The has been a shift in the music industry paradigm since piracy financially crippled record labels and forced the inception of 360 deals to make up for lost profits. Former Def Jam Records President Lyor Cohen’s new music company that has been rumored for a year has officially received backing from Google and distribution through Warner Music Distribution.
Billboard reports that Cohen is starting an artist development and label hybrid business that will provide major label-level marketing and distribution while functioning as an independent label. Former president of Warner Bros, Todd Moscowitz and the former Warner Music exec VP Kevin Liles will also be joining Cohen on the label.
Cohen left his position as Chairman/CEO of Warner Music Group last September. It was reported by The New York Post Page Six in December of 2012 that Cohen was not only working on a new music company but also advising Kanye West and was “100 percent in Kanye’s camp.”
The chances of Kanye West joining Cohen’s new music company are mixed as Kanye West’s G.O.O.D. Music label signed a “long-term deal” with Def Jam in June of 2011. However, no Kanye West albums have been released under G.O.O.D. Music and instead only under Def Jam/Rocafella.