According to Yahoo!, Todd Rundgren has signed with Sanctuary, home to Lou Reed and the official label of Advancement. Here's more:
Under the terms of the new pact, Rundgren will give at least one new studio solo album to Sanctuary, whose acts include Morrissey, Robert Plant (news) and Gene Simmons (news); that project likely will be released in fourth-quarter 2006 or early 2007. He also is licensing 13 previous solo album and sets by his band Utopia to the company. There also will be multiple live DVD/CD projects. The first two will be devoted to a spring acoustic tour to be co-headlined by Joe Jackson and a 30th anniversary Utopia tour next year.
Also under the new deal, Rundgren will produce mutually approved Sanctuary recording artists or acts handled by the company's management arm; remix 5.1 audio projects for those artists; act as a senior adviser on digital delivery strategies; and create branded-themed collections from Sanctuary's large catalog. "I am more or less on call for any particular thing in my skill set that is apropos to Sanctuary's business. There really isn't necessarily a limit on it," he said.
Because of the multifaceted nature of the arrangement, Rundgren's deal is not a standard record label contract mandating an advance for delivery of an album and options on future releases. Instead, Rundgren will receive a monthly minimum payment. "It's not intended to be a giant goldmine for me," Rundgren said. "It essentially guarantees me peace of mind, and rent paid, and all those things people who show up at a regular job are guaranteed."
Why do I have the feeling that Sanctuary is going to go bankrupt within a year?