HITS Daily Double

Lucian memo tease

KINDRED SPIRITS: "It may be hard to imagine a UMG without Jimmy Iovine," says label-group overlord Lucian Grainge in an internal memo circulated in the wake of today's Apple-Beats announcement, "but it’s exciting to know that, in his new role, the music industry will be gaining a kindred spirit at Apple, the world’s largest music distributor... I cannot think of a better executive to serve in this newly created position at Apple the perfect pairing of a role and an executive that, I am certain, will accelerate the transformation of the music business." Grainge also hails Iovine's entrepreneurial efforts, of course, which will produce substantial "value" for UMG (considerably more than $400m worth, by most reckoning) and voices his confidence in new IGA head John Janick. Read the entire memo here. (5/28p)