Haim Saban has been appointed as a Non-Executive Director at Universal Music Group.
The billionaire media mogul was elected to the role at UMG’s AGM on Thursday (May 11).
Saban is the Chairman and CEO of Saban Capital LLC, a private Los Angeles-based investment firm that spans operations in real estate, venture capital, film and music.
The Los Angeles-based tycoon has a personal net worth of around $3bn and is a staple fixture on Forbes’ annual list of the richest people in the United States.
To date, Haim Saban’s career in entertainment spans over four decades, taking in artist management, production and concert promotion.
Saban’s music career started as a bass player in Israel in the 1960s in a band called The Lions Of Judah. He later became the band’s manager.
Speaking to MBW in 2019, Saban said: “I soon realized that I was better at business than at playing bass. I wanted the best for our band, and became the band’s manager where I could add much more value.
He then moved to France in the 1970s, where he worked as a producer and also established an independent record company, which he says sold more than 18 million records.
He told MBW that he transitioned to Los Angeles in the 1980s “to be in the entertainment capital of the world”.
Saban created kids’ TV phenomenon Mighty Morphin’ Power Rangers in the early 1990s.
He also composed the theme tune to 1995’s Mighty Morphin’ Power Rangers: The Movie.
The Power Rangers’ global success evolved into Fox Family Channel, a large-scale JV between Saban and News Corp, which was itself sold to Walt Disney Co. for $5.3 billion in 2001.
Saban Entertainment then bought back the Power Rangers franchise via a $43m transaction in 2010 – before selling it again to toy giant Hasbro last year in a $522m deal.
In July 2019, Saban – who also runs investment house Saban Capital Group – revealed that he was planning invest half a billion dollars into a new music venture called Saban Music Group (SMG).
L.A-based SMG was described at the time as “a global entertainment company” that will focus on signing and breaking new acts in addition to the acquisition of recording, publishing and management assets.
In January 2020, Saban Music Group signed a global distribution and marketing agreement with Universal Music Group.
Universal Music Group Chairman and CEO, Sir Lucian Grainge, said at the time the partnership would deliver “groundbreaking new artists and music to fans around the globe”.Music Business Worldwide