The Passing of an Industry Mogul

Allen Klein, former manager of the Beatles and the Rolling Stones, died this past weekend after a long battle with Alzheimer’s disease. His career in the music business spanned more than five decades, during which time his ruthless business practices made him one of the most influential men in the industry.
 
Klein, originally an accountant, broke into the music business by auditing record labels on behalf of his clients.  During the time, many labels were known for playing a numbers game that would deprive an artist of royalties that were rightfully theirs. The savvy, almost gangster-like Klein, would step in and threaten legal action, landing his clients, and himself, a very healthy paycheck.
 
Klein’s financial negotiations helped land him management roles for some of the biggest names in music.  For his first client, Sam Cooke, Klein was able to secure a lucrative recording deal that gave the soul star control over his own catalog, a feat unheard of at the time.  He went on to represent many famous artists, including the Animals, Dave Clark Five, Herman’s Hermits, and one of his biggest prizes, the Rolling Stones. 
 
The Stones, who were laboring under an onerous deal, relied on Klein to rework their contract.  His successful renegotiating landed him a five-year run as the manager for the super group. And when the partnership came to an end, it cost the Rolling Stones a hefty fee to get rid of Klein, the rights to their master recordings of such hits as “Satisfaction” and “Jumpin’ Jack Flash”.
 
His successful stink with the Stones paved the way for his biggest score, a managing partnership with the Beatles. And while he was able to secure rich recording deals for the Fab Four, the group soon lost faith in Klein and the outcome was a series of law suites and ill will amongst all involved.
 
Klein's company, ABKCO Music and Records, continues to be one of the biggest independent record labels today.  The label, run mainly by his children, includes recording rights to some of the most famous hits by acts like the Rolling Stones, Chubby Checker, Herman’s Hermits, and many others. While the publishing arm boasts more than 2,000 copyrights with just as many impressive artists. 
 
In addition to his wife and children, Klein is survived by his longtime partner, Iris Keitel, an ABKCO executive.  His funeral will take place in New York on Tuesday July 7, 2009.