One step beyond: Madness find liberty in record deal
Sunday 21 December 2008
Madness, the hit ska band, have signed a deal to launch their 30th anniversary album, 'The Liberty of Norton Folgate', with Power Amp, a music investment fund.
Power Amp is backed by Pierre Lagrange, the founder of the hedge fund group GLG. Run by industry guru Jazz Summers and Tom Bywater, a former Citigroup private banker, it was launched this year to specialise in funding artists disenchanted with traditional labels.
Garry Blackburn of Anglo Management, which co-manages Madness (whose frontman, Suggs, is pictured above), said: "Through this agreement, the band feel they stand to receive a much fairer share of the revenue they generate."
Mr Summers added: "We hope to tap into people's unhappiness."
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