The Music Company, the record label imprint headed by METALLICA drummer Lars Ulrich through an arrangement with parent company Elektra Records, has officially ceased to exist, Ulrich confirmed during an online chat last week.
"I folded my label. [I] loved working with the bands, [but I] could not deal with all the horseshit that came with it," Lars stated in response to a direct question about the current status of the company.
The Music Company (TMC) was founded in 1998 and at one time boasted a roster that included SYSTEMATIC, DDT, GOUDIE, and BRAND NEW IMMORTALS.
At least one of the bands previously signed to the label, SYSTEMATIC, has found a new home at Elektra, who will issue the group's sophomore CD—and their first with new drummer Paul Bostaph (ex-SLAYER)—at the end of the year.
In other news, Ulrich has revealed that no discussions have yet taken place about a potential replacement for Jason Newsted, who left METALLICA in January 2001 in order to pursue other projects. "[Producer] Bob Rock [is playing] bass in the studio and we have not even thought about who's gonna join the band when the record is done," Lars said, adding that, "as of May 17th, Bob has played every single bass note on the [forthcoming] record. We are keeping our minds open, but right now it feels so fucking right."