Warner Music to Close 143 Records Label

Warner Music Group is closing its money-losing 143 Records operation this week, music industry sources said. Grammy-winning producer David Foster, who launched the label in 1994, will be named to a senior executive post at Warner Bros. Records.

143 is the latest joint-venture to be shuttered by Warner Music chief Roger Ames. In the last six months, Ames has closed Warner-affiliated Qwest and Giant labels.

The moves are part of a reorganization aimed at regaining ground Warner Music has lost since a venomous management shake-up in the mid-1990s. Warner Music is a division of AOL Time Warner Inc.