Doug Morris to Exit Sony Music at the End of March

Doug Morris, the only person to be the top executive at all three major music companies, has secured funding for a new label and will exit his post as non-executive chairman of Sony Music Entertainment at the end of March, sources tell Variety. A report in Hits says that the new company will be called 12 Tone and that former Def Jam CEO Steve Bartels, who stepped down at the end of 2017, will be joining Morris.

While some reports said the new label is part of an unspecified partnership with Apple, a source close to the situation told Variety that those rumors are untrue and that Apple has no equity or investment in Morris’ endeavor. Reps for Morris, Bartels, Sony and Apple did not immediately respond to Variety‘s requests for comment.

Morris’ exit from Sony completes a long transition that began with former Columbia Records CEO Rob Stringer being announced as Morris’ successor as CEO of Sony Music Entertainment in October of 2016 and officially taking the reins last April.