Newly merged music company Sony BMG has launched a new division which has been hailed by its head lawyer as the first of its kind for a major record company.
The group, named the Futures Division, is dedicated to new businesses within Sony. It includes all digital interests, branding and endorsement deal arm Network Solutions and its television and formats house via Syco, the company’s joint venture with the star of Pop Idol and The X Factor, Simon Cowell.
Director of business affairs Paul Brown, formerly of Sony’s in-house legal team, said the “particularly exciting” opportunities were in the new media area. “This is not a shaped market, it’s a market that’s being shaped,” he said. “As a lawyer, it’s new ground.”
The development is part of a restructuring at the company following last year’s merger. Former BMG head of legal Clive Rich has moved to a non-legal role as senior vice-president of the Futures Division. Former Sony legal head Alasdair George is senior vice-president of legal and business affairs. The company, currently split between Soho and Putney Bridge, will also be moving to new premises in Putney at the end of March.