Innocent chief back with BMG deal: Goldsmith to launch joint venture with major covering recording, publishing and management.(Labels)

Hugh Goldsmith has ended speculation over his future by signing a deal to return to BMG and develop a new breed of music company incorporating recording, publishing, management and consultancy activities.

The as-yet-unnamed operation is a 50/50 joint venture between BMG and Goldsmith, who stepped down from his role as managing director of EMI-owned Innocent Records at the end of 2003.

"This feels good," says Goldsmith. "BMG have shown with their new artist contracts that they want to do things differently and look forward. The deal indicates the way the industry is heading."

The new deal, which was signed at the end of December, sees Goldsmith reunited with the corporation he first joined in 1992 from Sky magazine, as marketing director of RCA Records. In 1995 he was appointed managing director of RCA overseeing acts including Five, Natalie Imbruglia and Robson & Jerome.

In 1997, Virgin Records chairman Paul Conroy lured Goldsmith away from BMG to start a new imprint, Innocent Records, which went on to become one of the most successful UK labels of its time, with more than 22m singles and albums sold worldwide. Innocent's enviable hit strike rate has included 10 UK number one singles and five UK number one albums, from acts including ...