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Ending months of negotiations, former Arista head Clive Davis and BMG Entertainment have agreed on terms for Davis' new label, sources said Monday. The $180 million joint venture, expected to be announced next week, calls for the creation of Davis Entertainment, which will be the holding company for a still-unnamed label (HR 6/7). Insiders said Davis, 67, will hold a 50% equity stake in the company. As expected, no multiplatinum artists will be leaving Arista to join Davis' venture. Whitney Houston, whom Davis discovered and signed in 1984 when she was 19, joins Santana in remaining on Arista's roster under Antonio "LA" Reid's leadership. Davis spearheaded Carlos Santana's career comeback album "Supernatural," which walked away with nine Grammy Awards this year. Arista acts set to join Davis include gold and platinum artists Angie Stone, Deborah Cox, Next, LFO and Shannon Curfman. Sources said Davis will develop new talent. "Discussions are ongoing and there should be an announcement shortly. No comment beyond that," a BMG spokesman said of the planned joint venture. Davis was unavailable for comment. (Tamara Conniff) NEWSFILE: 9 AUGUST 2000 |