Former music industry mogul Lord Levy could soon be returning back to his showbiz roots.
Having recently been cleared of any wrongdoing in the Cash For Honours affair, Lord Levy is said to be on the shortlist of a number of entertainment companies keen to use his music business skills.
In the 70s and 80s, Lord Levy ran Magnet Records, home to the likes of Alvin Stardust and Chris Rea, before selling to Warner Bros for a reputed £10m.
In the 90s, he set up M&G Records (named after his first name Michael and that of his wife Gilda), which had a number of hits including Sunshine On A Rainy Day by Zoe.
“With all the turmoil in the music world these days, record companies are looking for stability and direction. Michael showed he had a vision with Magnet and knew how to market talent. Record companies need someone like Michael on board, and I wouldn’t be surprised if he ended up landing a chairmanship of one of them,” said a showbiz insider.
His name has been casually mooted with a takeover of EMI. “While Magnet was never on the scale of a giant like EMI, his recent international work puts him in great stead to tackle a music giant like EMI should he decide to return to the business,” commented the industry source.
“If it’s not EMI it’ll be someone else, it really depends on what he wants to do next after a decade in politics. His CV is certainly impressive, and for any record company in the UK having someone like Michael on board would add value to their business and help to secure their future,” the insider added.”
However the multi-millionaire may decide to continue his philanthropic endeavours working with a number of UK Jewish charities including Jewish Care and Jewish Lads’ And Girls’ Brigade of which he holds senior honorary role.
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