NEW YORK (AP) - Just months after his high-profile split from Arista Records, Clive Davis has formed a new record company with BMG Entertainment - the very same conglomerate that declined to renew his contract at Arista.
Davis and Strauss Zelnick, president and CEO of BMG, announced Thursday that Davis would head the newly created J Records, a 50-50 joint venture described by both as the largest record company startup ever created. No financial figures were disclosed, but some have put the deal's value at about $150 million.
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