Nashville based, Disney label Lyric Street Records, the home of Rascal Flatts, SHeDaisy, Josh Gracin, Sarah Buxton and Bucky Covington, is being shut down. 

The move is said to be a cost-cutting measure by the Disney Music Group.  

DMG chairman Bob Cavallo said in a statement, “The Lyric Street team has had an amazing run, building a slate of well-known artists including the superstar act, Rascal Flatts. But given the changing nature of the music business and the more streamlined priorities of the studios, we need to find alternative ways to create and market new artists and their music to consumers.”

Rascal Flatts will be continuing on to another Disney-run label with the Lyric Street promo team to continue working existing abllums in the interim. Lyric Street releases are distributed through Universal Music in Australia.

Meanwhile, long-time Sony Nashville boss Joe Galante is leaving the company. One of his last signings was Australian Adam Brand who is now with the label in the US. He also signed Australian Catherine Britt who released three singles with the label several years ago.