It’s a little unfair reducing Haim Saban to ‘TV mogul’ just for the purposes of a short headline: the 74 year-old’s career has also included stints as a musician, music promoter and soundtrack composer (true fact: he co-wrote the Inspector Gadget theme tune). However, it’s TV firm Saban Entertainment that made him a billionaire, with its flagship property Mighty Morphin Power Rangers. Since then he’s been involved in several big deals as buyer or seller for broadcasters Fox Kids Worldwide, ProSiebenSat.1 and Univision. Why the potted biography in Music Ally? Because now Saban is founding a record label, and he plans to chuck half a billion dollars at the venture.
Saban Music Group will be based in Los Angeles under CEO Gustavo Lopez, reports Billboard. And yes, that is the budget. “I can tell you that that $500 million is available now,” said Saban. “The timing of the expenditure will depend on the opportunities presented to us. I don’t think it will be 10 years, but I think it could be next week, or in two or three years.”
The label will be starting with a focus on Latin artists – artists Reykon and Daniel El Travieso are among its first signings – and is already in negotiations to acquire three music companies. “One of our goals is finding artists that have strong regional appeal and make them into international stars,” promised Lopez.
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