Disney will be shutting down the country music label Lyric Street Records in a cost saving move. The label will lay off 20-25 employees as the final few records in its system are promoted. The big names in the brand, including Rascal Flatts, will be moved to other Disney owned labels.
It appears that CEO Bob Iger continues his strategy of focusing on building core brands that the company can use to support tent-pole franchise properties. I don’t see Lyric ever rising to that level where as Hollywood Records, home of Miley Cyrus and the Jonas Brothers (to name a few), is already there.
(more in the original AP article)