Universal Music chairman tops Billboard industry power list
LOS ANGELES (REUTERS) - Lucian Grainge, chairman of Universal Music Group, beat out X Factor host Simon Cowell and the manager for teen pop sensation Justin Bieber as the most powerful person in the music industry, according to a list released by Billboard magazine on Friday.
The second annual list left off music stars such as rapper-mogul Jay-Z, his wife and singer, Beyonce, and Irish rock group U2, all of which placed on the Power 100 list last year.
Billboard put Grainge atop the list in part for Universal Music Group's US$1.9 billion (S$2.35 billion) acquisition of record label EMI last September and the spinning off of part of that purchase to privately-held Warner Music for US$762 million.
The industry magazine called the executive a "tireless advocate for the recorded-music business," who took the top spot from Irving Azoff, the former chairman of ticket sales and concert promoting company Live Nation. Grainge placed third last year.