Last May, L.A. Reid suddenly left his position as the CEO and Chairman of Epic Records. Days later reports surfaced that he exited his post after sexual harassment claims were made against him. Now the veteran music businessman is returning to the industry with a new venture, according to Billboard. Reid is starting a new music publishing company called Hitco.
New York Post reports that he'll be partnering with Charles Goldstuck, who is the former executive chairman of TouchTunes Interactive Networks. Hitco is not a totally new business project, but rather a resurrection of an older imprint of his from 1996. He originally formed Hitco Publishing Group with Windswept Music and signed artists like Beyoncé.
Reid ran Epic for six years and has relationships with OutKast, Future, Travis Scott, and DJ Khaled. He's also worked with Kanye, Fifth Harmony, Pink, Usher, and many more in his decades in the business.
His new company may already have the support of $75 million in capital that Reid raised for a “new venture,” according to Music Business Worldwide. Billboard reported that Hitco will be headed by Kirdis Postelle, who formerly managed Dr. Dre’s Aftermath Entertainment.
Sony Music reportedly attempted to cover up the reason behind Reid’s departure, but the New York Post broke the sexual harassment allegation made against Reid. The company fired Reid over one harassment claim made by a female assistant at Epic.