LA Reid buying shares in Rhapsody?
Sony's LA Reid is rumoured to be entering the streaming business, bidding to buy a large share of Rhapsody.
Industry sources have told NY Post's Page Six that the Epic Records chairman and CEO is using LA-based private-equity investment firm Pegasus Capital Group to help fund the purchase.
One source said that the exec "received a waiver from Sony to personally buy into Rhapsody, but industry talk is that Sony is basically going to own a large piece of Rhapsody”.
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