Jonny Shipes, the pioneering entrepreneur and Chief Executive of Cinematic Music Group, has reportedly sold his company to Interscope Geffen A&M for a colossal eight-figure sum. The exact financial details have yet to be disclosed, but according to Billboard, Shipes has passed control of his label and management unit over to Universal Music Group, while continuing to aid Geffen Records and Virgin Music in fostering up-and-coming talent.
Tom March, President of Geffen Records, commended Shipes’ extensive accomplishments.
“Jonny brings with him decades of experience in discovering and nurturing some truly influential artists who have left a lasting impact on popular culture. We are thrilled about starting this new chapter together.”
Since its inception over fifteen years ago, Cinematic Music Group has helped launch the careers of prominent artists such as Big K.R.I.T., Nipsey Hussle, and Joey Bada$$, among others.
This past Wednesday (August 2), Shipes also debuted GoodTalk; an ambitious multi-disciplinary entertainment venture that will encompass a record label, talent management services, fashion labels, festivals and 4Lifers Entertainment – the production company he set up with Druski.