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876K Entertainment

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[b]About:[/b] [b]876K Entertainment[/b] was an American record label founded in 2020 by JT Gaffney. It was distributed by Sony Music Entertainment, its parent company. Before it was acquired by Sony, the label was estimated to be worth $10,000,000. However, Gaffney's contract was terminated. It is currently operating as a subsidiary and was declared inactive as of 2021. [b]Background:[/b] The company was founded in December 2020, and incorporated in Cincinnati, Ohio. It operated as an independent record label until JT Gaffney signed a distribution deal with Sony Music Entertainment. [b]Controversy:[/b] Gaffney released an album under 876K Entertainment on December 20, 2020 that contained a list of mainstream artists such as Juice WRLD, Lil Tecca, Lil Pump, Lil Mosey, and more. It was flagged for DMCA copyright violations and was removed from platforms just days after the release. In January of 2021, his label was cut off from Sony as a distributor, and ultimately failed as an independent label. It was bought by an investor in Miami, Florida in March. [b]Date founded:[/b] November 17, 2020 [b]CEO/Founder:[/b] JT Gaffney [b]Parent company:[/b] Sony Music Entertainment [b]Distributor(s):[/b] Vydia, Inc | Sony/ATV Publishing [b]Revenue (as of 2021):[/b] US $17,577.33 [b]Owner(s):[/b] Jacob Talgat Gaffney (JT Gaffney), Sony Music Entertainment [b]Joint venture contract:[/b] US $10M ($10,000,000.00)