Disney's Lyric Street Records Is Closing

It has just been announced that the Walt Disney Company will be closing the doors of its record label “Lyric Street.”

The label holds the recording artists Rascal Flatts, among a handful of other musicians. So far Disney has only told Rascal Flatts that they will be moved onto another label in the Disney network – all of other artists on Lyric Street do not yet know their fate.

Chairman of Disney Music Group, Bob Cavallo, said about the closing of Lyric Street:

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. I’m tremendously proud of what the team has accomplished.

Related Disney News And Star Gossip:

• Rascal Flatts No Longer Under Disney Music Group
• ABC “Rascal Flatts: Nothing Like This” Concert Special March 12, 2011
• Justin Bieber “That Should Be Me” Music Video Featuring Rascal Flatts
• How Much Does Justin Bieber Make Per Concert?
• Justin Bieber “Ride”