Haim Saban Pledges to Invest $500 Million to Launch Music Label

Variety Staff

Click here to read the full article.

Businessman, investor and philanthropist Haim Saban, who heads the Saban Capital Group, has pledged to invest $500 million to launch a record label. Saban Music Group (SMG) will be led by music executive Gustavo Lopez and focus on “international A&R, artist development and strategically supporting a 360 model for artists,” reads a release announcing SMG, which will also direct resources to publishing and management, in addition to recorded music. It will be based in Los Angeles.

Already signed to the company are popular Israeli duo Static and Ben El and French female act Marie Monti. On the management side, Colombian Reggaeton artist Reykon, who recently released “Latina” featuring Maluma, is on the roster.

More from Variety

Said Saban: “Music has always been one of my life’s greatest passions — shaping, influencing and motivating me on a daily basis,” Mr. Saban said. “It is with great excitement that I re-enter the music business — not only as a businessman but as someone who is passionate about the art, dedicated to the development of worldwide artists and wants to provide world-class entertainment. I look forward to building this company with Gus and working with artists around the world to fully seize their international appeal.”

Lopez, who’ll serve as CEO, emphasized “a worldwide view of the music industry,” noting that SMG is “looking to capture the globalization of music and work with artists who have an international appeal.” Lopez founded Talento Uno Music in 2017 after serving as GM/EVP of Universal Music Latin Entertainment, where he spent 21 years of his career. The label was acquired as part of his hiring.

Saban is best known for producing the Power Rangers franchise, but he also has a history in the music business, starting as a bass player and manager of Israeli band the Lions of Judah.

Sign up for Variety’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.