Starbucks Brews Up Its Own Record Label

Starbucks Corp. (SBUX) on Monday said it has formed its own record label, called Hear Music, that will develop music offerings to be sold in the chain's coffee shops.

In a statement, Starbucks said it partnered with Concord Music Group. The two companies have previously collaborated on albums by Ray Charles and Sergio Mendes.

The new record company will be based in Los Angeles. Ken Lombard, president of Starbucks Entertainment, will serve as chief manager for the new venture, Starbucks said.