Haim Saban, the former owner of the Power Rangers brand, has launched a new venture in the music industry to work on one of his “greatest passions”.
The billionaire has invested $500 million in his newly launch LA-based label Saban Music Group, bringing music industry veteran Gustavo Lopez, formerly GM and EVP of Universal Music Latin Entertainment, on board as a partner to lead the label.
As part of his signing, Gustavo will merge his own record and talent management firm Talento Uno with SMG. This will be the first in a string of planned acquisitions for Haim’s business, which will dedicate resources to snapping up publishing and management entities to rapidly grow and strengthen its catalogue early on.
"Music has always been one of my life's greatest passions—shaping, influencing and motivating me on a daily basis," Haim says. "It is with great excitement that I re-enter the music business—not only as a businessman but as someone who is passionate about the art, dedicated to the development of worldwide artists and wants to provide world-class entertainment.
"I look forward to building this company with Gus and working with artists around the world to fully seize their international appeal."
Among the first artists to sign to SMG are established Israeli duo Static and Ben El, Colombian Reggaeton star Reykon, and French solo artist Marie Monti, the label's first female international act. They will serve as the first artists managed by SMG’s ‘360 model’, which aims to develop and strategically support international talent ‘while giving them an outlet to express their music to the world’.
"This will be made possible with the help of Haim Saban, who truly understands the work and resources that go into fully developing artists and creating great music,” says Gustavo Lopez. “I thank him for his support and partnership. The new Saban Music Group will have various pillars amongst them: artists signed as partners to 360 models, an acquisitions arm and its own publishing entity."