Seagram, AOL Plan Net-Based Record Label
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The initiative, to be called Jimmy and Doug's Farm Club, will be headed by Universal Music Chairman Doug Morris and Jimmy Iovine, co-chairman and Seagram's Interscope Geffen A&M label. America Online (AOL) will own 3 percent of the new operation and Seagram (VO) the remaining 97 percent.
Visitors to FarmClub.com will be able to vote on favorite acts who will be featured on a new, hour-long TV show to be featured on Seagram's USA Network. The Farm Club venture will offer access to all varieties of music with a special emphasis on music of interest to young adults.
Coca-Cola Co.'s (KO) Sprite will be the main sponsor.