Walter Yetnikoff, record label executive who led CBS Records as president/CEO from 1975 to 1990 died last Sunday at the age of 87 and would have turned 88 on August 11. A cause of death has not been given, although he had been battling several illnesses in recent years. His wife, Lynda, confirmed the death to friends Monday.
Yetnikoff joined CBS Records in 1961 as an in-house attorney, following in the footsteps of fellow lawyer and friend Clive Davis, serving as general counsel of CBS Records’ legal department. He was instrumental, together with Harvey Schein, in forming CBS/Sony, a Japanese joint venture which became highly profitable under Akio Morita and Norio Ohga and helped to plant the seeds for Sony’s eventual acquisition of CBS in 1988. Yetnikoff was then named CBS Records International President, a post he occupied from 1971 to 1975, growing the company’s overseas operations substantially. In 1975, Paley named him president/CEO of CBS Records following the dismissal of Clive Davis in 1972, who was replaced initially by former head Goddard Lieberson, then Yetnikoff.
Under Yetnikoff, CBS Records set its sights on its rivals, especially the west coast-based Warner Bros. Records, managing to spirit away James Taylor and Paul McCartney from Warner and Capitol/EMI, respectively (Warner chief Mo Ostin retaliated by taking Paul Simon from CBS). Under Yetnikoff, McCartney collaborated with Stevie Wonder on the 1982 hit “Ebony and Ivory,” from Macca’s “Tug of War” album, and with Michael Jackson on “The Girl Is Mine,” from “Thriller.” McCartney and Jackson followed that up with another smash duet, “Say Say Say.”
Yetnikoff gained notoriety for breaking down color barriers and forcing MTV to play Michael Jackson’s “Billie Jean,” threatening to withhold all his other artists if the fledgling music network refused to comply. While at the helm of CBS, Michael Jackson – whom he had signed as a solo artist just three months after being named label head on the recommendation of his A&R staff (Yetnikoff wanted to pass) – sold over 40 million copies of “Thriller,” while Earth, Wind & Fire’s “I Am” and Springsteen’s “Born in the U.S.A.” each sold over 20 million, and Billy Joel”s “The Stranger” tallied 13 million.
At the 1984 Grammy Awards, Michael called Yetnikoff up to the podium, saying he was “the best record company president in the world.” Streisand, too, scored her biggest-selling album under Yetnikoff’s watch, with 1980’s “Guilty,” a collaboration with the Bee Gees’ Barry Gibb. Yetnikoff also helped launch the careers of new artists such as Cyndi Lauper (on CBS Portrait), “Weird Al” Yankovic (on CBS’ Scott Brothers Records) and Gloria Estefan.
Yetnikoff had built the foundation of CBS’ relationship with Sony early in his career, and played an instrumental role in the deal to sell the company to the Japanese electronics giant for $2 billion in 1988. With it, he reportedly signed a two-year contract that included a $20 million bonus. After hiring his good friend and protege Tommy Mottola as president of domestic operations, Yetnikoff would resign from the company in 1990, blaming both Mottola and attorney Allen Grubman, two former close associates, for undermining him with the Japanese. The company’s new owners were reportedly distressed at the description of Yetnikoff’s ego and behavior in Fredric Dannen’s controversial 1990 book “Hit Men: Power Brokers and Fast Money Inside the Music Business.” That book, a vividly written account of freewheeling label executives and the widespread (and at times illegal) tactics used by independent radio promotion execs, caused even more friction in the years to come. In an interview with the New York Times, Yetnikoff called Mottola “Scumola” and labeled Dannen’s book “bull.”
He was a very colourful character and his determination to put Michael on the pedestal of superstar paid off.
Larry Stessel, who was in charge of promoting “Thriller” said to Walter that MTV refused to play Michael Jackson and recalled that Walter said “Leave it with me” and called MTV directly and said “You are going to play Michael on your channel or I remove all our artists at once”
Rest in peace Walter Yetnikoff! Thank you for all you have done!
He is leaving behind Lynda, his second wife, and sons Michael and Daniel.
A small family service is planned, to be followed by a more public memorial.
