The Nashville Symphony and its creditors reached a deal Friday (June 21) to restructure the nonprofit organization’s debt, to avoid a June 28 foreclosure and to keep the Schermerhorn Symphony Center from being auctioned. Banks, led by Bank of America, will forgive and write off a large portion of the debt used to build the Schermerhorn, while the symphony will restructure its operations in exchange for new lending terms, according to The City Paper.
In March, the symphony association opted to not renew a letter of credit, when banks refused to negotiate better terms for the debt. Bank of America, holding more than $80 million in debt related to the building of the Schermerhorn, served notice of foreclosure earlier this month. The banks’ recent foreclosure notice has now been withdrawn.
“After months of discussion with our lenders, we are pleased to have reached a comprehensive resolution that represents the best path forward for all parties involved,” said Ed Goodrich, Chairman of the Nashville Symphony Association, in a statement. “With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision. We deeply appreciate the professional and constructive approach of our bank lenders in the complex negotiations, and we are grateful to our generous patrons, the city of Nashville and the Mayor’s office. All of these interested parties have contributed significantly to the resolution of this matter, and without their support, this settlement would not have been possible.
“Over the past few months, the Symphony has taken steps to reduce expenditures, increase revenue and drive contributions in an effort to strengthen its bottom line. Reaching this agreement with our lenders is a major milestone in our restructuring process. However, the Symphony still has a lot of work to do to further reduce costs and will continue to need significant financial support from our donors in the years ahead to remain sustainable over the long term. We are committed to taking all possible measures to ensure our financial stability, and we are confident that the Middle Tennessee community will rise to the occasion to help this wonderful arts organization survive and thrive.”
“We are pleased that we have been able to reach this agreement with the Nashville Symphony so that it can continue to play its vital and unique role in this community for generations to come,” said John Stein, Nashville market president for Bank of America. “It is because we all recognize the orchestra’s importance to this community that we were all able to come together and work so hard to make this happen.”
“Throughout the course of these negotiations, we have been fully committed to serving everyone in Middle Tennessee with a dynamic array of programs, both at the Schermerhorn Symphony Center and in the community,” said Alan Valentine, President and Chief Executive Officer of the Nashville Symphony. “On behalf of everyone at the Symphony, I want to thank our patrons and donors for their unwavering support throughout the negotiation process. Their continued loyalty and generosity will be more important than ever as the Symphony moves forward. We would also like to express our thanks to the members of the Symphony staff who have had to make do with less along the path to this resolution. Their continued leadership and commitment to this great institution will help us to remain an integral part of Nashville’s music scene.”
Manuel American Designs Announces Move to Lower Broadway
/by Jessica NicholsonManuel’s current retail location at 1922 Broadway, which opened in 1988, will remain open until July 8. A final music showcase is slated for June 26 featuring musician and visual artist Amanda MCoy, who is celebrating her most recent recording The Hurt, from 6 p.m.-8 p.m. The boutique will close its tenure with a fashion show on July 11.
“We are excited about this move and all that it represents for the brand and the launch of the ‘New Vision’ collection,” stated Manuel. “The Nashville tourism, music and fashion communities have stood behind me for so many years and many fond memories have been shared at the boutique. I am positive just as many will be made in the new location as we open up our new home to friends and visitors who love Nashville as much as I do.”
Manuel’s “New Vision” collection will feature handmade, one-of-a-kind items that are 100 percent American made. Clothing and accessories, including leather goods, boots, dresses, pants, shirts, skirts and other creations for men and women, will sell at a price point of $50-$600.
Sheryl Crow, Gary Allan Announce Co-Headlining Tour
/by Jessica NicholsonSheryl Crow
Sheryl Crow and Gary Allan will co-headline the Free and Easy Tour this fall. Three shows were announced on Monday (June 24). On Sept. 13, they will perform at the Santa Barbara Bowl, at The Greek Theatre in Los Angeles on Sept. 14, and at the Rabobank Arena in Bakersfield, Calif on Sept. 15. Tickets for the shows will go on sale Saturday (June 29). Additional dates will be announced soon.
“Sheryl and I met while doing some guitar pulls earlier this year and started talking about doing something together. The timing seemed right and ‘Free and Easy’ just came natural to us both,” says Allan. “If we’re near you, come on out. It’s going to be a good time.”
Dates announced on Monday include:
Sept. 13—Santa Barbara Bowl, Santa Barbara, Calif.
Sept. 14—The Greek Theatre, Los Angeles
Sept. 15—Rabobank Arena, Bakersfield, Calif.
Country Radio Broadcasters Announce New Board and Officer Members
/by Jessica Nicholson“The Country Radio Seminar has played such a significant role in my own personal growth and success that it is a privilege and a bit humbling to have the chance to serve the organization as President,” said Morgan. “The leadership team, both board leadership and staff, is incredible and the Seminar will continue to be a catalyst for growth and learning for years to come.”
This year’s officers include: R.J. Curtis (All Access Music Group) as Vice President, Carole Bowen (WKIS-FM) as Secretary, and Jeff Walker (The AristoMedia Group) as Treasurer.
Seven newly elected members to the Board are: Chuck Aly (Country Aircheck), Beverlee Brannigan (Journal Broadcast Group), Jeff Kapugi (CBS Radio/Chicago), Jon Loba (BBR Music Group), Nick Martin (Big River Broadcasting), CRS 2014 Agenda Chair Annie Sandor (Curb Records) and Todd Schumacher (Summit Media Group). Re-elected to the Board are: Becky Brenner (Albright & O’Malley & Brenner Consulting), Mike Dungan (UMG Nashville), Mike McVay (Cumulus Media), Charlie Morgan (Emmis Communications), Gary Overton (Sony Music Nashville), Joel Raab (Joel Raab Associates), Jennie Smythe (Girilla Marketing) and John Zarling (Big Machine Label Group).
Board members with continued terms are: Tom Baldrica (Show Dog – Universal), Carole Bowen (WKIS-FM), Johnny Chaing (KKBQ), John Crenshaw, Mike Culotta (Streamsound Records), R.J. Curtis (All Access Music Group), John Esposito (Warner Music Nashville), Dan Halyburton (Texas State Networks), Clay Hunnicutt (Clear Channel), Keith Kaufman (Center Stage Tour Promotions), CRS Director Emeritus Charlie Monk (Monk Family Music), Royce Risser (UMG Nashville), Denise Roberts (Lytle Management Group), Tim Roberts (WYCD), John Shomby (Max Media of Hampton Roads) and Jeff Walker (The AristoMedia Group).
Bays Promoted to Executive Vice President at Capitol Christian Distribution
/by Jessica NicholsonGreg Bays
Greg Bays has been promoted to Executive Vice President, Capitol Christian Distribution. Bays has been with the company for 21 years, rising to the position of Sr. VP, Sales and Marketing in 2005. He will report to Bill Hearn, President and CEO, Capitol Christian Music Group (CCMG).
“This promotion is well deserved as Greg has effectively led our distribution company as its Senior Vice President through the digital market transformation as well as paradigm-shifting initiatives moving the company into home video and book publishing distribution,” says Hearn. “Under Greg’s direction, Capitol Christian Distribution has become the market leader in Christian products distribution, in addition to being named Billboard Magazine’s Christian Music Distributor of the Year 15 of the last 18 years. Greg has also done an excellent job guiding his team and our business through the recent transition into the Universal Music Group Distribution system.”
Prior to his time at Capitol Christian Music Group, Bays spent seven years in Christian retail. Bays will continue to lead the sales function, strategic retail market development initiatives, catalog development and liaison with Universal Music Group Distribution on behalf of Capitol Christian Music Group’s proprietary label groups and more than 25 third-party music, home video and book publishing partnerships.
“I continue to be excited about the future of the Christian products industry and the new challenges, opportunities, and relationships each day brings,” says Bays. “We have an outstanding team focused on growth through the development of innovative ways to serve our people, retailers, creative partners, and the consumer. I am grateful for the opportunity to contribute to this team and our vision to impact culture and resource the church with exceptional music, movies and books.”
Capitol Christian Music Group operates several divisions including Capitol CMG Label Group (Sparrow Records, ForeFront Records, Credential Recordings, sixsteprecords, Hillsong), EMI Gospel, Capitol CMG Distribution and Capitol CMG Publishing.
[Updated]: Nashville Symphony, Creditors Reach Debt Restructure Agreement
/by Jessica NicholsonThe Nashville Symphony and its creditors reached a deal Friday (June 21) to restructure the nonprofit organization’s debt, to avoid a June 28 foreclosure and to keep the Schermerhorn Symphony Center from being auctioned. Banks, led by Bank of America, will forgive and write off a large portion of the debt used to build the Schermerhorn, while the symphony will restructure its operations in exchange for new lending terms, according to The City Paper.
In March, the symphony association opted to not renew a letter of credit, when banks refused to negotiate better terms for the debt. Bank of America, holding more than $80 million in debt related to the building of the Schermerhorn, served notice of foreclosure earlier this month. The banks’ recent foreclosure notice has now been withdrawn.
“After months of discussion with our lenders, we are pleased to have reached a comprehensive resolution that represents the best path forward for all parties involved,” said Ed Goodrich, Chairman of the Nashville Symphony Association, in a statement. “With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision. We deeply appreciate the professional and constructive approach of our bank lenders in the complex negotiations, and we are grateful to our generous patrons, the city of Nashville and the Mayor’s office. All of these interested parties have contributed significantly to the resolution of this matter, and without their support, this settlement would not have been possible.
“Over the past few months, the Symphony has taken steps to reduce expenditures, increase revenue and drive contributions in an effort to strengthen its bottom line. Reaching this agreement with our lenders is a major milestone in our restructuring process. However, the Symphony still has a lot of work to do to further reduce costs and will continue to need significant financial support from our donors in the years ahead to remain sustainable over the long term. We are committed to taking all possible measures to ensure our financial stability, and we are confident that the Middle Tennessee community will rise to the occasion to help this wonderful arts organization survive and thrive.”
“We are pleased that we have been able to reach this agreement with the Nashville Symphony so that it can continue to play its vital and unique role in this community for generations to come,” said John Stein, Nashville market president for Bank of America. “It is because we all recognize the orchestra’s importance to this community that we were all able to come together and work so hard to make this happen.”
“Throughout the course of these negotiations, we have been fully committed to serving everyone in Middle Tennessee with a dynamic array of programs, both at the Schermerhorn Symphony Center and in the community,” said Alan Valentine, President and Chief Executive Officer of the Nashville Symphony. “On behalf of everyone at the Symphony, I want to thank our patrons and donors for their unwavering support throughout the negotiation process. Their continued loyalty and generosity will be more important than ever as the Symphony moves forward. We would also like to express our thanks to the members of the Symphony staff who have had to make do with less along the path to this resolution. Their continued leadership and commitment to this great institution will help us to remain an integral part of Nashville’s music scene.”
Toby Keith Oklahoma Relief Concert Sold Out
/by Michael_Smith“I grew up in Moore, I live in Norman and I’ve got lots of family and friends who were directly affected,” said Keith. “I know these folks and they’re resilient, but we’re going to keep helping them any way we can. I’m proud to get together with some others from around here who are just as committed as I am to supporting these communities.”
All event proceeds will benefit the United Way of Central Oklahoma May Tornadoes Relief Fund. The concert will take place on Saturday, July 6 at the University of Oklahoma’s Gaylord Family Oklahoma Memorial Stadium in Norman, Okla. at 3 p.m.
For more information on the event, visit tobykeith.com.
Samsung Users Get Jay-Z Album First, But 'Billboard' Won't Count Sales
/by Sarah SkatesBillboard editorial director Bill Werde wrote a letter outlining the publication’s album chart policy, and explaining why Jay’s sales won’t be included. In order for an album sale to count, a consumer must purchase the album for at least $3.49.
In order to retrieve the album, Samsung Galaxy phone users can download a free app starting today (June 24), and the album will be made available to them on July 4—72 hours earlier than the general public.
Werde’s letter noted that first-week sales of the album are expected to fall in line with Jay-Z’s previous debuts of 400,000 to 450,000 units. The editor also shared plans to examine Billboard’s album chart policies in the coming weeks.
Frances Preston's Granddaughter Opening Store
/by Jessica NicholsonFrannie Preston Daughrity
Frannie Preston Daughrity, granddaughter of BMI trailblazer Frances Preston, will open a gifts and home furnishings retail shop in Nashville’s 12South neighborhood this September. Cadeau Nashville, the brainchild of Daughrity and business partner Catherine Rector, will cater to Nashville’s music industry, providing southern industrial decor, investment pieces and gift-able items.
Everything in the store will come with a story.
“I grew up in, and have been surrounded by, the music industry my entire life,” said Daughrity. “I wanted to open a store that catered to the music industry consumer, whether that be a Nashville native or L.A. transplant.” The concept is largely inspired by her grandmother. “My grandmother was such a source of encouragement and inspiration,” she said. “Cadeau Nashville will be a legacy to her sense of style and love for this community.”
For more information on Cadeau Nashville and its grand opening, visit cadeaugifts.com.
Artist Updates (6-24-13)
/by Jessica Nicholson• • •
Pictured (L-R): Tyler Reese and Travis Tritt.
Travis Tritt has released a cover of “Sometimes Love Just Ain’t Enough,” a duet with his 15-year-old daughter, Tyler Reese. Written by Patti Smyth and Glen Burtnik, the ballad first appeared on Smyth’s self-titled 1992 album. The track is the first single that Tritt has released to Country radio in five years. The song can be heard via YouTube.com.
• • •
Robin Meade
Robin Meade, host of HLN’s “Morning Express with Robin Meade” returns with her new album, Count On Me, featuring the single “Get Up.” The project is produced by Victoria Shaw, and features Lee Brice, Keb’ Mo’, and Kenny Loggins.
• • •
Craig Campbell recently stopped by the MLB Fan Cave for a tour and performance during his Never Regret album launch in New York City. He also treated the Cave Dwellers to a special rendition of the track “Front Porch,” rewritten to pay tribute to Yankee Stadium’s “Right Field Porch.”
Craig Campbell performs for MLB Fan Cave.
• • •
When the LoCash Cowboys visited Renegade Radio Nashville last week (June 18) to debut their self-titled album live online, Renegade’s servers nearly crashed from the number of people streaming the event. “The extensive bandwidth by which we operate daily had to be increased to accommodate the added streams that were launched during the two-hour session,” said Renegade’s Joyce Aponte. Average Joes Entertainment’s Tony Morreale added, “It was a tense but cool moment without incident, and when we stepped back and thought about it afterwards, the magnitude of the worldwide reach really hit us all.”
LoCash Cowboys stream the album for Renegade Radio Nashville.
Video Director Chris Hicky To Shoot Debut Feature Film
/by Jessica NicholsonHicky’s film The Grace of Jake will be set in the crop-dusting fields of Arkansas.
Country video director Chris Hicky will direct his debut feature film, titled The Grace of Jake, beginning this September. The film was written by Hicky and stars actors Jake La Botz (Animal Factory, On The Road), Roy Lee Jones (True Grit, Daredevil) and Chris Bauer (True Blood, The Wire).
The Grace of Jake is a redemptive story of ex-inmate and wandering musician Jake Hayes, who travels from California to Palestine, Ark. in search of a father he never knew. Jake is intent on exacting revenge from his father, whom Jake holds responsible for all of life’s misfortunes. After reaching Palestine and interacting with the locals, Jake begins to unravel a complicated family history that leads him to find life, love, and a gospel record contract.
The feature film will begin shooting on location in Forrest City, Ark., pending a crowd-funding campaign to raise $125,000 via Kickstarter. Possible Kickstarter campaign rewards include movie screening tickets (to those pledging $125 and up), a Jake La Botz private show (for those pledging $9,000 or more), a day with Hicky to film a music video or special event at any US location (to those pledging $10,000 or more). As of this writing, the Kickstarter campaign has raised nearly $48,000.
Hicky has earned the 2006 CMT Video of the Year honor for his work on Keith Urban‘s “Better Life” clip, the 2010 ACM Video of the Year award for Miranda Lambert‘s “White Liar,” and a 2010 Grammy nomination for Urban’s “Love, Pain, and the Whole Crazy World Tour Live.” Recently directed videos by Hicky include Chris Young‘s “You,” Tim McGraw‘s “Truck Yeah,” Kip Moore‘s “Hey Pretty Girl” and Joel Crouse‘s “If You Want Some.”