Doug Morris will step down from his role as non-executive chairman at Sony Music Entertainment at the end of March to pursue a new venture, Variety reports.
According to Variety, sources say that Morris has landed funding for a new label and will work with Apple on “an unspecified partnership.”
A report from Hits says that the project is rumored to be named 12 Tone, and that Steve Bartels, who recently headed Def Jam, will join Morris in the venture.
In addition to his run at Sony, Morris, who according to Hits handed over the day-to-day operations of the label to Rob Stringer in April 2017, has also headed up Universal Music Group from 1995 to 2011.
Sony had no comment on the reports of Morris’ departure for TheWrap.