Courtesy of Warner Bros
Former Warner Music Group executives Max Lousada and Julie Greenwald have taken their first formal step toward a new joint venture, registering two UK-based companies that are already prompting industry speculation about what comes next.
According to filings at UK Companies House, the pair are joint owners of two entities established in November: 26.2 Music Ltd and 26.2 Services Ltd. Both Lousada and Greenwald hold equal stakes in the businesses, with each listed as owning more than 25% but less than 50% of the shares.
So far, little has been disclosed publicly about what the companies entail. However, The Times of London reported over the weekend that the duo are understood to be sounding out potential partners to help finance a new venture. For now, the companies appear to be early-stage vehicles, with no operational details announced.
That kind of split structure has become increasingly common across the music industry, particularly as investors have shown a strong desire for music catalogs as standalone assets. In recent years, both Universal Music Group and Warner Music Group have launched dedicated rights-acquisition vehicles alongside their core operating businesses. UMG-backed Chord Music Partners and Warner’s joint venture with Bain Capital, Beethoven JV, have collectively deployed billions of dollars into catalog acquisitions.
Elsewhere, Downtown Music previously sold its owned catalog and shifted to a services-only model, while Hipgnosis Songs Fund was built almost entirely around rights ownership with outsourced administration.
Lousada and Greenwald both left Warner in 2024 after long tenures. Lousada spent two decades at the company, including eight years as CEO of Recorded Music, while Greenwald spent around 20 years at Atlantic Records before departing in early 2025. Between them, they have worked with artists including Ed Sheeran, Coldplay, Dua Lipa, Bruno Mars, Cardi B, Lizzo, and Megan Thee Stallion.
When he exited Warner, Lousada said he was ready “to build something new.” With two new companies now in place, the industry is watching closely to see what shape the next chapter will take.
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