Interscope Records founder Ted Field has ankled the label he co-chaired for more than a decade to start his own record label and continue in his film endeavors.
Field’s parting, which comes a year before the expiration of his contract, is nevertheless said to have the blessing of Interscope co-chairman Jimmy Iovine and Doug Morris, chairman of Interscope parent Universal Music Group. Iovine will run Interscope on his own.
Field said he is in the process of raising money to start his new record label, adding that it is “very possible” he will seek to team with Universal for a distribution deal. He will also continue operating his nascent Westwood-based film company, Radar Pictures.
“I just decided that I wanted to be an entrepreneur again now, after being an employee for two years,” he told Daily Variety.
Field was instrumental in building Interscope from an independent-minded upstart label into the largest single imprint in the industry, with a 9% share of the total market for recorded music.
The label, currently home to such multiplatinum acts as Eminem, Limp Bizkit, U2 and Sting, has built its reputation on taking creative and strategic risks. Interscope distributed controversial hip-hop imprint Death Row Records, which housed such rap artists as Dr. Dre, Snoop Dogg and Tupac Shakur.
Interscope also serves as the home base for Jimmy & Doug’s Farmclub, a TV show-cum-Web site named after Iovine and UMG’s Morris, which showcases both unsigned and established acts.