Sony exec joins Dotcom's music service
A Sony executive has joined Baboom, the online music venture backed by Kim Dotcom.
The executive, Tony Smith, has spent 26 years in the music industry with companies including Polygram and Zomba and was most recently finance director of Sony Music Entertainment in Australia and New Zealand. He has been appointed Baboom's chief financial officer.
Baboom chief executive Grant Edmundson said Smith was an "experienced hand" who could give Baboom firsthand experience of how global labels managed and treated artists.
Smith said he was "excited to take on the challenges that lie ahead".
The company has been raising A$4.5 million (NZ$4.9m) from private investors ahead of a planned initial public offering (IPO) on the Australian stockmarket.
Ben Yeo, senior adviser at Melbourne-based Novus Capital, which is lead broker for the raising, said last week that just over A$3m had been raised from investors to date and he was confident the pre-IPO offer would be fully if not oversubscribed.
That offer was due to close on Friday, but Edmundson said it was a still "a tad early" to say whether the funds had been raised in full.
Dotcom holds a 45 per cent stake in Baboom New Zealand through a trust, but Baboom said in its offer to investors that he was not involved in the music company's day-to-day running.
Baboom's parent company is incorporated in Portugal, where the service is being developed.
- The Dominion Post