Island Exec Quits PolyGram’s Board
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Island Group Chairman Chris Blackwell abruptly resigned Thursday from the board of directors of PolyGram, following a heated dispute with PolyGram chief Alain Levy regarding the future of Island’s film and music divisions.
Blackwell’s sudden departure from the board raises questions about what role the respected music industry veteran will play in the future of New York-based Island Records, which Philips-owned PolyGram purchased from him eight years ago for $300 million.
For the record:
12:00 a.m. Oct. 25, 1997 For The Record
Los Angeles Times Saturday October 25, 1997 Home Edition Business Part D Page 2 Financial Desk 1 inches; 35 words Type of Material: Correction
PolyGram Board--An article in Friday’s editions incorrectly reported that Island Group Chairman Chris Blackwell resigned from the board of directors of PolyGram. Blackwell has offered to resign, but the board has not yet accepted his resignation.
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