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Disney Shutters Lyric Street Records

NASHVILLE, TN (CelebrityAccess MediaWire) — Walt Disney's Music Division is shuttering Nasville-based Lyric Street Records.

The label, which has served as a home to artists such as Rascal Flatts, Aaron Tippin and American Idol alums such as Josh Gracin and Bucky Convington, has been in operation since 1997.

While the label is being folded, Lyric Street will keep the core of their promotions team in place to work on marketing the label's existing records. Artists such as Rascal Flatts will shift to other Disney-owned labels.

"Given the changing nature of the music business and the more streamlined priorities of the [Disney] Studios, we need to find alternative ways to create and market new artists and their music to consumers," said Bob Cavallo, chairman of Disney Music Group.

Cavallo's comments reflect the recent strategic shift at Disney Studios, which saw its first losses in the two most recent quarters, towards products that can be readily branded across all of Disney's properties, from theme parks to video games, the Wall Street Journal said.