Disney-owned record label Lyric Street, home to acts such as Rascal Flatts and Bucky Covington, will close its doors. Disney announced they will phase out the labels operations but will keep a radio promotion team in place to work current records.
"The Lyric Street team has had an amazing run, building a slate of well-known artists including the superstar act, Rascal Flatts," said Bob Cavallo, chairman of Disney Music Group. "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. I'm tremendously proud of what the team has accomplished."
Rascal Flatts will be transitioned to another Disney label for their next release. There is no official confirmation on the fate of the label’s other acts.