Vivendi Universal's Universal Music Group is forming a label, Suretone Records, with Geffen Records head Jordan Schur.
Suretone will be a joint venture between Schur, who will move from the Geffen label to head Suretone, and Universal's Interscope Records.
Universal Music Group is the largest music company in the world, with about 35 percent of the music-buying market. The company's record labels include Def Jam, Geffen, Island, Interscope, Motown and Verve.
Universal Music spokesman Peter Lofrumento said the immediate focus at the new label will be signing new talent, though existing Universal groups, including Weezer and the Cure, will move to the imprint.
"It's just an opportunity to create a new label and increase the number of artists we sign and increase our marketing and promotion muscle," Lofrumento said.
With Schur heading up the new venture, Ron Fair, now chairman of Universal's A & M; Records, will also head the Geffen Records label and will report to Interscope Geffen A & M; (IGA) chairman Jimmy Iovine, Lofrumento said. Geffen co-president Polly Anthony will take over IGA's new television division, Lofrumento said.
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