Just over two years after he inked a wide-ranging deal with MCA Music Entertainment Group, Bob Kras-now and the conglom have agreed to part company.
The former Elektra Entertainment chairman, who bowed Krasnow Entertainment at the end of 1994, has reached tentative terms for an exit, according to sources.
Though no agreement has been signed, sources said the exit is an amicable one and is expected to close shortly.
Sources said Krasnow’s pact, which still had a pair of years left on it, began winding down after Krasnow and MCA (now dubbed Universal) Music Group chairman and CEO Doug Morris met recently to discuss Krasnow’s concerns that artists he was bringing to label execs were not being considered on par with artists coming in through other A&R sources.
Insiders also suggest that Krasnow’s deal, made by Morris predecessor Al Teller, was an expensive one and didn’t bear sufficient fruit to keep going.
Krasnow also planned forays in TV and film.
Among the artists brought in by Krasnow during the deal’s term, only Vanessa Daou caught significant fire. Her second album is about to be released.
Other releases such as the Hookers and a deal with Keith Sweat remained mostly below the industry radar.
Krasnow, who could not be reached for comment, resigned from Elektra in protest over a series of changes in the Warner Music Group when industry titan Mo Ostin, then chairman of Warner Bros. Records, was asked to turn over the reins of the label to Lenny Waronker as part of a succession plan ordered by WMG chairman Robert Morgado.
During his tenure at Elektra, Krasnow signed and oversaw the careers of a diverse and groundbreaking group of artists such as Simply Red, the Cure, Metallica, Natalie Cole and 10,000 Maniacs.