Company Town

* Music: Former CBS Records head Walter Yetnikoff has reemerged after a five-year hibernation with plans to start an independent record label with movie producer Jon Peters. Yetnikoff has been working on raising the money to launch an entertainment company since 1993 and expects to open the firm’s record division next year. Yetnikoff, who worked with Michael Jackson and Bruce Springsteen as chief of CBS Records, reportedly resigned his post under pressure from Sony two years after the Japanese conglomerate purchased the New York label.