Downtown Music Holdings
Downtown Launches $200M Fund to Support Indie Artists & Entrepreneurs
Downtown Music Holdings has established a fund to invest over $200 million in support of independent artists and entrepreneurs, the company announced Wednesday (March 9). The fund, which is supported by a new credit facility with Bank of America, will be spread across Downtown’s distribution, publishing administration and artist and label services operations. In a statement, Downtown Music Holdings CEO Andrew Bergman said the financing from Bank of America “enables us to expand our music services business by giving creators and business owners the ability to finance projects in an environment where the options are often unpalatable.” Downtown chief investment officer Alan Goodstadt added, “We are immensely gratified that Bank of America shares our vision of building financial solutions for...
David Dormon Returns to Downtown Music Holdings as General Counsel
David Dormon is back in the fold at Downtown Music Holdings, where he’s appointed general counsel. Based in New York, Dormon returns to the music services provider following his departure last fall as vp, legal and business affairs, whereupon he joined international law firm Reed Smith LLP. At Downtown, Dormon succeeds current general counsel Peter Rosenthal, who is exiting to “pursue another opportunity,” according to a statement issued Friday morning (Feb. 25). “I know I speak for the entire company when I welcome David back into the Downtown family,” comments Andrew Bergman, CEO of Downtown Music Holdings. “David has a deep knowledge of all of our operations, keen negotiating skills, global M&A expertise and the respect of the entire industry. I am pleased to be able to offer him th...
Downtown Music Holdings Names New CEO, Kalifowitz to Executive Director
Founder and CEO Justin Kalifowitz moves to the role of executive director in the new leadership alignment. Downtown Music Holdings — the umbrella organization that houses several music-services brands like CD Baby, FUGA, Songtrust, Downtown Neighboring Rights and more — is shaking up its executive leadership team. Founder and CEO Justin Kalifowitz will transition to a new role as executive director of the company, while longtime general counsel and COO Andrew Bergman rises to the role of CEO. The moves will take place effective Sept. 1. Kalifowitz started Downtown in 2007 as a music publisher, a business it largely exited in April when it sold the rights to its 145,000-song catalog of publishing copyrights to Concord in a deal estimated at $350 million. (Downtown still serves a...
