The company known as SMG gets a helping hand in funds for its Midwest expansion goal.
Online PR News – 29-May-2011 – – JP Morgan Chase confirms a 100k loan to startup company Solstice Media Group, an audio production and management organization headed by the young Ty Alexander, formerly of Sony Entertainment.
If you have had your head under a rock the last few months, it would be easy to miss the 7 staff members of one of the most controversial organizations in urban America, Solstice Media Group. Looking for a facelift, the board hired Ty Alexander, a passionate, ambitious newcomer with uncanny talent and ability not only to create what some critics are calling the next phase of music [“Hip Hop Fusion”- mixtapepass.com] but also facilitate business in a way that hasn’t been seen in the independent market today.
With the financial backing of JP Morgan Chase and several silent partners, the worth of Alexander’s Solstice Media Group will be estimated at a just over one million dollars (US), which is small in comparison with large scale firms, but astronomically staggering when ranked with independent companies in its class.
“It is only one step in the journey that is miles long,” says Jonathan Sparks, spokesman and promoter for Solstice Media Group, “We are willing to take that risk on Alexander’s intuitive judgment and prowess when it comes to making the decisions that needs to be executed. He has proven just in the last 30 days that once he is focused, he can make things happen.”
It is not an easy process. Ty Alexander’s proposal to the board will require an overview of the entire strategy for the next year, detailed and presented to appeal to his superiors. If approved, JP Morgan grants $100,000 immediately in liquid funds and another $200,000 extended in credit, which will make Solstice Media Group (and Alexander, in effect) the 2nd highest in company/assets worth in its class ranking. It will also set the bar standard in how production labels get funding in the future.
Liquid funds invest in short-term debt instruments with maturities of less than one year. Therefore, they invest in money market instruments, short-term corporate deposits and treasury.
The executive director was not available for comment for comment.
JP Morgan Chase is also donating $275,000 to assist Alabama residents affected by the recent devastating tornadoes. In addition, Chase implemented several temporary initiatives to help its customers in affected areas.