Lyor Cohen is reportedly planning to launch a multi-pronged music company, according to The New York Post. The paper's sources say Cohen's "hybrid business" would include a record label, invest in outside ventures and help cultivate new talent. The former head of Warner Music Group is also reportedly in discussions with strategic investors for the project.

"He isn’t going to the established music labels. He’s going to strategics for a new investment fund and a record label," said one Post source.

Cohen stepped down last September as Chairman/CEO of Recorded Music for WMG, following the company's sale to Access Industries.