Doug Morris Will Not Be Retiring

NEW YORK (CelebrityAccess) Sony Music Entertainment’s non-executive chairman Doug Morris has secured funding to launch a new record label when he leaves his chairman role at the end of March.

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.

Morris’ exit from Sony completes a transition that began with former Columbia Records CEO Rob Stringer being announced as Morris’ successor as CEO of Sony Music Entertainment in 2016 and officially taking the reins April 2017.

Morris has apparently discussed his plan with Apple Music executives recently, though Apple would not own a stake in the label.