NEW YORK (CelebrityAccess MediaWire) — Sheridan Square has made some major changes to its V2 Records business, restructuring the company to focus on its catalog releases and future opportunities in digital distribution.
The company let go of major staff last week, including president Andy Gershon, and will be reorganizing the business in its Nashville office, where COO Michael Olsen will continue overseeing the catalog business. About 35 people are believed to have lost their jobs as part of the restructuring, according to Billboard.biz.
As part of the move, V2 will retain the White Stripes catalog, but will no longer issue new music by the duo, or other major acts such as Moby or the Raconteurs. The only genre the company plans to participate in the frontline going forward is gospel.
The principals of the company, including Redux partners Joe Bianco, Anil Narang and Joe Pretlow, along with the Stephens Group, which bought into the company last July during a financial restructuring, are expected to invest more funds to finance further catalog acquisitions.
The company is also looking to grow its digital business, which could include a merger or investment with a company that is pursuing a similar strategy in the video business. –by CelebrityAccess Staff Writers