Nashville-based Lyric Street Records, home to Rascall Flatts, SheDaisy, and American Idol’s Josh Gracin and Bucky Covington, is being shuttered by its parent company, Disney Music Group. The imprint, founded in 1997, will reportedly be phased out slowly. The move is said to be a cost-cutting measure by DMG.
Said DMG chairman Bob Cavallo in a statement, “The Lyric Street team has had an amazing run, building a slate of well-known artists including the superstar act, Rascal Flatts. But given the changing nature of the music business and the more streamlined priorities of the studios, we need to find alternative ways to create and market new artists and their music to consumers.”
Rascall Flatts will be continuing on to another Disney-run label. The fate of Lyric Street’s other artists is unknown.