Lucian Grainge: Last News

Sofia Richie and her fiancé Elliot Grainge are having some fun in the sun ahead of their big day!

Sofia Richie converted to Judaism.

Jem Aswad Senior Music Editor Universal Music Group announced on Wednesday that its Board of Directors has extended the contract of Lucian Grainge, the company’s chairman and CEO, until May 1, 2028. According to the announcement, the “extended and amended” agreement transitions Grainge from an all-cash compensation package to one that is a combination of equity and cash and includes an equity compensation program with “a broad set of performance-based objectives aligned with shareholders’ interest and corresponding to the company’s long-term growth strategy. To assure the compensation program is aligned with shareholders’ interest, the majority of the compensation package’s economic value will be paid in UMG equity and UMG performance-based stock options.” Grainge’s annual salary under the new agreement will be reduced by more than two-thirds from his current salary, to $5 million, the announcement continues. Subject to the achievement of performance criteria, he will be eligible for an annual bonus with a target of $10 million. The EBITA bonus from his prior employment agreement has been eliminated and Grainge will only be entitled to the contingent bonus under his prior employment agreement on a pro rata basis until March 31, 2023. The equity components of the program include annual grants of $20 million, comprised of as much as 50% Performance Share Units (PSUs) — with annual PSU goals set by the Board of Directors — and the remainder comprised of Restricted Share Units (RSUs). 

Hundreds of celebs were in attendance at the 2023 Vanity Fair Oscar Party, making it one of the most star-studded events of the year!

ABBA‘s Voyage virtual concert experience could be making its way around the world.Universal Music Group chairman Lucian Grainge revealed in a company earnings call per Variety on Thursday (March 2): “Plans are now in development to take ‘ABBA Voyage’ around the world”. No other information – including targetted cities, venues and dates – has been announced.ABBA’s Voyage experience debuted at the ABBA Arena in London in May 2022.

ABBA’s heading across the world!

Jem Aswad Senior Music Editor ABBA’s ‘Voyage’ virtual concert — which opened in a specially built London arena last May and has sold more than 1 million tickets — will go on a global tour, Universal Music Group chairman Lucian Grainge confirmed during the company’s earnings call on Thursday. “Plans are now in development to take ‘ABBA Voyage’ around the world,” Grainge said on the call. Presumably, that means the show will be playing in specially modified arenas in major cities across the globe. Contacted by Variety, reps for ABBA and Universal, the group’s label, did not immediately have further information. While details are slim and the news is not a shock, it is the first official confirmation that the show — a multi-multi-million-dollar project, nearly six years in the making, that saw George Lucas’ Industrial Light & Magic using motion-capture technology to create “ABBA-tars” of the group as they looked in 1979 playing a 90-minute concert of their most-loved songs — will play somewhere besides the London theater. While technically not a hologram show, “Voyage” represents a new peak in that type of technology — the four bandmembers, who are now in their seventies, spent many hours performing for the motion-capture cameras to appear as lifelike as possible. It has received rave reviews nearly across the board.

Shirley Halperin Executive Editor, Music Universal Music Group is home to dozens of labels spanning every genre, from pop to hip-hop, rock to R&B, country to Latin and niche styles like Christian, classical and Jazz. To run one of these companies is to associate with top talent — household names like Taylor Swift, Billie Eilish, Drake and Lady Gaga — and the pressure to perform is equally massive. Which makes a label like Verve, which launched in the 1950s with the music of Ella Fitzgerald — and whose current roster includes left-of-center signings like Tank and the Bangas, Kurt Vile and Arooj Aftab — a sort of refuge in the giant commercial enterprise that is the world’s biggest music company. But Verve’s value to UMG is significant, and this is not lost on Sir Lucian Grainge, its chairman and CEO, who has given the label the leeway to invest in traditional artist development. What does that mean? For some familiar context: it’s letting an artist like Bruce Springsteen put out two albums achieving less-than-stellar sales so that he can reach a “Born to Run,” his third and career-launching release. Verve has its own success stories that follow this trajectory, like Jon Batiste, the former Stephen Colbert bandleader and master musician from New Orleans, whose “We Are” won album of the year at the 2022 Grammys.

Sofia Richie is one step closer to saying 'I do' to her music executive fiance Elliot Grainge.The influencer, who celebrated her bachelorette party in Paris last year, was feted over the weekend with an elaborate bridal shower featuring a custom-made bar, floral-adorned cakes, and even Elliot himself.Sofia, 24, looked every inch the bride-to-be in a plunging white patterned dress which displayed her toned back. She teamed the look with pointed white heels and a pair of aviator style sunnies.In a series of photos, Sofia cuddled up to her future husband as they celebrated their upcoming nuptials with friends and family.She wrapped her arms tenderly around Elliot, her love of two years, her hair cascading in gentle waves down her back.

Billie Eilish took the mic onstage when she attended Sir Lucian Grainge's 2023 Artist Showcase presented by Merz Aesthetics' Experience+ and Coke Studios in Los Angeles this Saturday.Sir Lucian, the CEO of Universal Music Group, welcomed a glittering array of music luminaries including Sir Elton John into Milk Studios in Hollywood for the fete.Held just one day before the Grammy Awards take place in the same town, the dazzling affair saw Billie, 21, mingling with the likes of her fellow singing sensation Sabrina Carpenter.Dressed in an elegant black ensemble, she took the stage to be presented with a REVERB Amplifier Award for activism, and her speech was posted to YouTube by the fan account Billie Eilish Clips. Addressing the bigwigs in the room, she got laughs when she quipped that 'a lot of you got some money in your f***ing pockets, so maybe use it for good things and not stupid things, you know?'  On the town: Billie Eilish took the mic onstage when she attended Sir Lucian Grainge's 2023 Artist Showcase presented by Merz Aesthetics' Experience+ and Coke Studios in Los Angeles this Saturday Top talents: Sir Lucian (left), the CEO of Universal Music Group, welcomed a glittering array of music luminaries including Sir Elton John (right) into Milk Studios in Hollywood for the feteOver the years Billie has publicly shared her views on multiple political subjects, ranging from gun control to animal rights to last November's American midterm elections.Early in her speech, she confessed that 'I do as much as I can but I feel like I can always do more, but I feel really  impressed and really excited that you guys are actually making this a priority and thinking about it and kind of doing your part.

Nicole Richie looked fresh-faced in a casual, all-black ensemble as she stepped out of a skin clinic in West Hollywood, California on Tuesday afternoon.Following her latest pampering session, the 41-year-old reality star looked radiant as she showed off her makeup-free complexion on her walk back to her car. For her laid-back outing, the fashion designer wore a black North Face jacket, a pair of matching leggings, Nike sneakers and a pair of beige ankle-length socks.She styled her golden blonde tresses in a high ponytail and kept her amber eyes concealed under a pair of black shades.The mother-of-two made sure to stay hydrated as she carried a black Hydro Flask and second tumblr, presumably full of coffee.  Radiant: Nicole Richie looked fresh-faced in a casual, all-black ensemble as she stepped out of a skin clinic in West Hollywood, California on Tuesday afternoonShe and the lead vocalist of the pop-punk band Good Charlotte, Joel Madden, wed in 2010.Together, they share two children - Harlow, 14, and Sparrow, 13. Richie, who is the adoptive daughter of Lionel Richie and his ex-wife Brenda Harvey-Richie, recently celebrated her sister Sofia Richie's engagement to Elliot Grainge.In October, the siblings partied up a storm in Paris for Sofia's extravagant bachelorette party.In images from their trip, Nicole and Sofia wore cheeky headbands with stuffed penises on top. Sofia and Elliot became engaged on April 19.His father is Universal Music Group chairman and CEO Lucian Grainge who has worked with Elton John and Katy Perry.And Elliott works as the CEO of indie record label 10K Projects and works with Trippie Redd and Tekashi 6ix9ine.

CMU’s Andy Malt and Chris Cooke review key events in music and the music business from the last week, including Universal Music boss Lucian Grainge’s confirmation that a big old rejig of the way streaming monies are allocated to individual tracks by the digital platforms each month is a key priority for the biggest music rights company in the world, plus Dr Dre’s legal run-in with US Congress member Marjorie Taylor Greene.SECTION TIMES01: Lucian Grainge (00:06:51)02: Dr Dre (00:32:03)(Timings may be slightly different due to adverts)SUBSCRIBE TO SETLISTListen to Setlist and sign up to receive new episodes for free automatically each week through any of these services…Acast | Amazon Music | Apple Podcasts | audioBoom | CastBox | Deezer | Google Podcasts | iHeart | Mixcloud | RSS | Spotify | Stitcher | TuneInSTORIES DISCUSSED THIS WEEK• Universal boss says streaming needs to shift to an “artist-centric” model• Dr Dre sets lawyers on Marjorie Taylor Greene over copyright infringement• Marjorie Taylor Green responds to Dr DreALSO MENTIONED• Public Image Ltd vying to represent Ireland at Eurovision• Eurovision hopeful John Lydon brands competition “disgusting”MORE FROM CMU• Upcoming CMU webinars• Buy MMF and CMU Insights’ Dissecting The Digital Dollar book on Amazon• Sign up to receive the CMU Daily news bulletin• Listen to the full Setlist theme tune

DEALSNew Order managers Rebecca Boulton and Andrew Robinson have announced a new partnership with SJM Management to co-manage the band. “We have sought to future proof the band’s management and protect their legacy so the merger with SJM management is a good fit and maintains our independent sensibilities”, says Boulton and Robinson.————————————————–APPOINTMENTSLondon’s Royal Albert Hall has appointed James Ainscough as its new CEO. Formerly COO of the venue, Ainscough is currently CEO of Help Musicians and will move into his new role in the spring.

Taylor Swift is wrapping up 2022 on a high note.So far, Midnights has sold more than six million album equivalent units worldwide, three million of them in the US.The 33-year-old singer–songwriter broke a record for the sales by moving that many units in just two months, according to NME. Midnights also had the distinction of becoming the first album to sell more than one million physical copies since 2015. High note: Taylor Swift is wrapping up 2022 on a high note.

Jem Aswad Senior Music Editor Days after top YouTube exec Robert Kyncl was named as the next CEO of Warner Music Group, the company revealed in an SEC filing that he will earn approximately $15 million in his first year on the job, depending on performance targets. When Kyncl’s name was first mentioned as a potential successor to outgoing CEO Stephen Cooper, who leaves after 11 years in the role, many wondered whether the job would be sufficiently appealing for the executive who led Netflix from DVDs to streaming and has been YouTube’s business chief for much of his 12 years at the company. However, the SEC filing makes clear that the job is financially appealing: He will receive a base salary of $2 million, a target performance-based bonus of $3 million and an annual grant of performance share units with an aggregate, pre-tax value of $10 million.

Jem Aswad Senior Music Editor Universal Music Group has announced the launch of the Virgin Music Group, a new global division comprised of Virgin Music Label & Artist Services, Ingrooves Music Group and Mtheory Artist Partnerships. The third element is new to UMG: It has acquired Mtheory’s bespoke label division, Mtheory Artist Partnerships, although its manager services business is not part of the transaction and will remain wholly independent. Terms of the deal were not disclosed.   The Virgin Music Group, which brings the company’s label and artist services businesses under one unit, will be overseen by Mtheory founders JT Myers and Nat Pastor as co-CEOs, who will report directly to UMG Chairman and CEO Lucian Grainge. A specific breakdown of the units is below.

Sofia Richie is enjoying a night on the town with family!

Jem Aswad Senior Music EditorUniversal Music Group racked up a strong earnings report for the second quarter of 2022, with about $2.7 billion in revenue, a growth of 17.3% in year-over-year in constant currency, a percentage gain that carries over for the entire first half of the year.Recorded-music revenues were up 16.2% (9% in constant currency) to around $1.96 billion, with streaming subscription revenue up 14.6% to $986 million. Subscription revenue saw a boost from a “DSP catch-up payment” (possibly from the Copyright Royalty Board’s confirmation of its 2018 streaming publisher rate increase) amounting to nearly $42 million in revenue and $26 million in both EBITDA and adjusted EBITDA.

Sofia Richie showed off her impressive curves while grabbing lunch in Brentwood on Friday.The social media star, 23, donned a tight gray, sleeveless tank top and pristine white pants.She carried a black leather purse in her right hand, and she walked in black loafers at Toscana, an Italian restaurant in the area. Stepping out: Sofia Richie showed off her impressive curves while grabbing lunch in Brentwood on FridayRichie's dirty blonde hair was pulled tightly behind her head, and dark sunglasses obscured her facial features.

Sofia Richie will one day walk down the aisle with her millionaire boo Elliot Grainge. The daughter of Lionel Richie searched for love with celebs like Justin Bieber and Scott Disick before finding the right person. They were first spotted in January 2021, went official in April, and after a year, they confirmed their engagement on April 20, 2022.

Sofia Richie shared on Monday that she and her fiancé Elliot Grainge had an engagement party Sunday.The 23-year-old daughter of crooner Lionel Richie had on a white and floral print Bernadette dress with white platform heels as she cozied up to her future husband, who was in a cream-colored double-breasted suit with a crisp white shirt.There were also photos of their al fresco lunch table, the drinks menu and the cake as her siblings Nicole (with husband Joe Madden) and Miles were in attendance. Party time:Sofia Richie shared on Monday that she and her fiancé Elliot Grainge had an engagement party in April In the caption she said she was 'obsessed' with her better half who isthe CEO of indie record label 10K Projects and works withTrippie Redd and Tekashi 6ix9ine.His father is Universal Music Group chairman and CEO Lucian Grainge who has worked with Elton John and Katy Perry.The cocktail menu said the two lovebirds became engaged on April 19.