You will be redirected back to your article in seconds

Paterno out of H’w’d

Hollywood Records president Peter Paterno will leave his position when his contract expires in November, the Walt Disney Co. said late Friday.

Paterno, a prominent music industry attorney at the West Los Angeles firm of Manatt, Phelps, Rothenberg and Phillips before spearheading the startup of Hollywood in January 1990, was considered to have been on the hot seat at the company for some time, particularly after a disastrous leak to the media of an internal memo in the spring of 1992.

In that memo, Paterno admitted that Hollywood Records was losing millions of dollars, but savaged his fellow label heads as having experienced the same business circumstances during startups or as a result of the recession. The on-the-record fury from the chastised execs gave Hollywood Records weeks of unwanted attention to its failures.

No reason was given for Paterno’s exit, nor were future plans announced. No replacement was named, but Hollywood executive VP Wes Hein will be the interim executive in charge.

Likely names sure to be floated for the Hollywood helm include Hale Milgrim, former president/CEO of Capitol Records, who was rumored to be in line for an international position at Hollywood last month; and Jeff Ayeroff and Jordan Harris, who recently exited their jobs as co-chairman of Virgin Records North America.

Hollywood has failed to break any new acts in its three-year history and recently began to shuffle its A&R department, adding execs Bob Pfeifer and Nick Terzo as VPs.

The label’s biggest success to date has been with the North American rights to the Queen catalog, which skyrocketed in value after the band’s music was an integral part of Paramount’ hit film “Wayne’s World.”

Its roster also boasts the Dave Clark Five catalog, Ghost of an American Airman, the Brian Setzer Orchestra and Organized Konfusion.

In announcing the departure, Michael Eisner, Disney’s chairman/CEO, said, “While it is customary to say nice things at a time like this, Frank Wells and I want to declare our genuinely deep appreciation to Peter for the excellent job he has done in starting up our record label.”

More Scene

  • Inside amfAR's Cannes Gala

    Inside amfAR's Cannes Gala: Mariah Carey, Kendall Jenner and Tiffany Trump

    Kendall Jenner caused a commotion when she arrived. Tiffany Trump went unrecognized until a member of the press pointed her out as she made her way down the carpet. And Mariah Carey flew in to perform a couple of songs. Welcome to this year’s AmfAR Gala Cannes, the AIDS organization’s annual — and largest — [...]

  • Lauren Ash44th Annual Gracie Awards, Show,

    Politics and New Abortion Ban Laws Dominate 2019 Gracie Awards

    Female empowerment was in the air Tuesday night as showrunners, writers and performers gathered at the 44th annual Gracie Awards to celebrate women breaking barriers and shattering glass ceilings within the entertainment industry. Sandra Oh, Patricia Arquette, Rachel Maddow and Connie Britton were among the honorees at the ceremony, which took place at the Beverly [...]

  • Sacha Baron Cohen

    Why Sacha Baron Cohen Credits Donald Trump for ‘Who Is America?’

    Over the course of history, comedians have shared their take on current events with biting commentary on everything from class and gender to fashion and politics, and the current presidential administration is definitely no exception — with President Donald Trump regularly lampooned on shows like “Saturday Night Live” and by late-night TV hosts. But when [...]

More From Our Brands

Access exclusive content