Universal Records & FUBU Records Ink Joint Venture.

Executives at Universal Records and FB Entertainment, an affiliate of FUBU The Collection, announced that they have brokered a joint venture deal to share marketing, distribution and promotion duties for FUBU Records, a new imprint which is an entity of FB Entertainment.

“This is a very significant deal and a wonderful opportunity for both our companies,” says Universal Records President Monte Lipman. “The arrangement will allow Universal to tap into a number of non-traditional outlets, and provide us with a variety of cross-marketing opportunities. Our expertise can help FUBU firmly establish itself as a player in the music industry.”

“Teaming up with Universal will provide us with the advantage to enter the music industry with a partner who has proven strength, experience and longevity,” says FUBU Records President Carl Brown. “The synergy between both brands will undoubtedly open new avenues for us to explore in both the fashion and music industries.”

The first FUBU Records release will be a hip-hop and R&B compilation featuring all original tracks from both new and established artists. The disc will reach retail sometime in 2001.

“We’re really excited about working with FUBU because we know that they have long-time relationships with some of today’s most creative artists, we’re confident that they will be able to draw on those relationships and A&R a solid project,” says Universal Records General Manager/Executive Vice President Jean Riggins.