L.A. Reid was ousted as the CEO of Sony Music Entertainment’s Epic Records in the Spring of 2017.
The abrupt departure came after reports that Reid was accused of sexual harassment by a female assistant. At the time 21 Savage had made an emphasis on the signed with the label because Reid was there.
Now, the former music executive is returning to the industry due to a partnership with Charles Goldstuck, the former executive chairman of TouchTunes Interactive Networks. The men have teamed up to launch Hitco – a music and publishing company. On Goldstuck’s personal website he lists himself as the co-chairman and founder of Hitco. He also goes on to salute L.A. Reid for all he has done for music culture. He writes about Reid calling him “a highly accomplished operating executive and investor with experience ranging from recorded music, music publishing, and technology.” L.A. Reid has an impressive career having worked with Diddy, Mariah Carey, TLC, Future, and Fifth Harmony to name a few. Goldstuck also has a pretty stacked resume as the former president and chief operating officer of Bertelsmann Music Group. He was also a close associate of Clive Davis in the early 2000s.
Hitco is reported to start work this year, but according to the NYPost, a spokesperson from the company has yet to comment on the status.