Lyor Cohen unexpectedly announced his departure as CEO and Chairman from Warner Music Group earlier this week without a solid explanation.
Now, NYDN is reporting that the music executive has been secretely developing a talent management over the past two years while at WMG. A source says that Cohen has "decided the time is right to move forward."
The source continues that the goal for the company is to "bridge the gap between label and management" and assist bands and record companies working closer together.
In an internal memo addressed to the staff at WMG, Cohen alluded to a new endeavor but wasn't specific. “As WMG enters its next chapter, I’m ready to begin mine,” he said. “I can’t yet announce what I’ll be doing next; I can only say that it will be something where I can work my entrepreneurial muscles and partner with artists.”