The first single under the new pact with BMG is slated for release on July 25.
Under the partnership deal, founders Erin Kelly-Burkett and Michael John Burkett will step back from the label while forgiving $3.5 million in unrecouped balances for Fat Wreck artists.
The roster for the new label, founded by Grammy-nominated songwriter Savan Kotecha, includes Magnus Ferrell and newly launched Indian boy band OutStation.
The new joint venture is focused on breaking artists across musical genres.
The label's debut release, a collaborative track by Sick Individuals, Matisse & Sadko and Third Party, is out July 11.
WMG is looking to cut annual costs through layoffs and reducing administration and real estate expenses, in an effort to put more money back into music, tech and more.
The longtime manager and label A&R, who recently moved from Columbia to Atlantic, takes Billboard through his 20-year career: “It’s about how we adapt to not get left behind.”
Braun will remain on the board of directors and as a senior advisor to HYBE CEO Bang Si-Hyuk, but will relinquish his day-to-day responsibilities to Isaac Lee.
The new scholarship, which will support students enrolled in the school's Music Industry program, aligns with UMG’s ongoing Sounds of the Future campaign.
"We’re taking bold swings on artists that are the next superstars in the making," says the label's senior vp of A&R Julian Swirsky.
