New hit the net - albeit not official - that veteran record executive LA Reid is gearing up to purchase the once popular online music source Rhapsody.
According to Page Six:
"LA Reid is getting into the streaming business and secretly bidding to buy a large share of online music service Rhapsody.
Industry sources tell us Reid — chairman and CEO of Epic Records, a division of Sony Music Entertainment — has brought in LA-based private-equity investment firm Pegasus Capital Group to help fund the purchase.
One source said Reid “received a waiver from Sony to personally buy into Rhapsody, but industry talk is that Sony is basically going to own a large piece of Rhapsody.”
This would be a serious move and knowing Mr. Reid, who has worked with Whitney Houston, Toni Braxton and most recently Mariah Carey, he has a clear and precise plan to bring the streaming service beyond it's former glory.
Check back for more info!!!!
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