Universal Records Acquires Republic Records; Avery Lipman Named Senior Vice President

New York, New York, January 6, 2000…Monte Lipman has been promoted to President of Universal Records, it was announced today by Universal Music Group Chairman & CEO Doug Morris and Universal/Motown Records Group Chairman Mel Lewinter. Previously, he served as Senior Vice President of the label, and co-founder of Republic Records.

Universal Records has also announced the acquisition of Republic Records, which will now become a wholly-owned division of the company. Further, Avery Lipman, co-Founder of Republic Records, has been named Senior Vice President and head of the imprint.

“In our expanding and highly competitive business, Monte stands out as one of the most talented, aggressive and resourceful young executives,” stated Morris. “In addition to his achievements at Universal, Monte, along with Avery, have created a dynamic and successful company in Republic. We are thrilled to have Monte take on this expanded role, and have Avery and Republic as a wholly-owned part of the Universal family.”

“Monte has been an integral part of the Universal team in attracting new talent and planning the direction and growth of the label,” commented Lewinter. “Monte and Avery’s success with Republic has been marked by an innovative, street-wise approach to business, seasoned with effective leadership, great personal warmth and a unique ability to work with everyone. The entire Universal Records family joins me in congratulating them both on these milestone accomplishments.”

“Being a part of Universal from the beginning has been one of the most personally rewarding and professionally fulfilling experiences of my career,” added Lipman. “I cannot thank Doug and Mel enough for their generous support and confidence; and working closely with them continues to be a tremendous education and a constant source of inspiration. Under their leadership, Universal has emerged as a vibrant and musically diverse company, with a spirited and competitive staff. I am looking forward to building further upon that winning energy by positioning Universal for even greater success. We are only just beginning to realize the possibilities of what we can accomplish.”

Lipman, along with brother Avery, founded Republic Records in 1995. To date, the label has mined platinum and gold hits with such artists as Chumbawamba, Godsmack, Lil’ Troy and the Bloodhound Gang. New releases include alternative rockers Oleander, and international hitmakers Eiffel 65.

Prior to joining Universal, Lipman served as National Director of Promotion for Atlantic Records, where he worked with artists including Hootie & The Blowfish and Collective Soul. Formerly, Lipman served as EMI Records West Coast Regional Promotion Director, working with such platinum artists as Jon Secada and Arrested Development.