Universal Signs New Agreement With Republic's Monte and Avery Lipman

The music industry’s productive brother duo of Monte and Avery Lipman have announced they’re in it for the long haul.

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Universal Music Group has signed new long-term agreements with the Republic Records founders, naming them chairman & chief executive officer and president & chief operating officer, respectively. The announcement was made on Monday by UMG chairman & chief executive officer Lucian Grainge, and UMG chairman & CEO of East Coast labels Barry Weiss.

The Lipmans started Republic as an independent label in 1995.

"Monte and Avery have established themselves as one of the industry's most formidable creative teams," Grainge said in a statement. "They are truly world-class music executives who have rewritten the rules for breaking new talent. We couldn't be more delighted that they will continue building Republic as a home for truly inventive artists."

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"Monte and Avery are two of the most entrepreneurial, effective, street-smart, creative leaders in the music industry," Weiss added. "Their track record is unparalleled. They constantly think out of the box and their results speak for themselves. This is great for them and for Universal Music Group, and is just the beginning of their next chapter."

"We work every day towards building a culture that supports the artist community and the entrepreneurial spirit that shapes our company," added Monte and Avery. "The unparalleled support of Lucian and Barry for Republic continues to inspire us to be competitive, while serving the needs of our extraordinary artists, venture partners, and dynamic executives."

In recent months, Republic has scored hits by Gotye, PSY (via Schoolboy Records), Of Monsters and Men, The Weeknd, Florence and the Machine and others. Republic has also expanded into film and television, partnering with NBC’s Saturday Night Live for Andy Samberg’s The Lonely Island and AMC's The Walking Dead.

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The company also boasts strategic alliances and joint ventures with independent labels, including Cash Money Records (Lil Wayne, Drake, Nicki Minaj, Tyga), Big Machine (Taylor Swift), Brushfire Records (Jack Johnson), Republic Nashville (The Band Perry, Eli Young Band, Florida Georgia Line), Lava Records (Jessie J, Black Veil Brides), XO (The Weeknd), American Recordings (The Avett Brothers) and Loma Vista (Soundgarden), among others.

A week earlier, UMG announced that former Sony executive Charlie Walk had joined Republic as EVP, overseeing marketing, promotion and publicity.

Twitter: @THRMusic