How Tommy Mottola Achieved a Net Worth of $540 Million
Tommy Mottola is a music executive, producer, and author. He is known for being the former Chairman and CEO of Sony Music Entertainment, and he is currently the Chairman of Mottola Media Group. As one of the best-known names and most successful people in the music industry, Tommy Mottola is now a very rich man. It is estimated that Tommy Mottola’s net worth is now $540 million, and here is how he accrued his wealth.
Mottola’s Early Life
Tommy Mottola was born in New York City on July 14, 1949. He is from a middle-class Italian-American family. Prior to attending high school, Mottola spent some time at a military school. He then briefly attended Hofstra University before dropping out to pursue a career in music.
His Early Career
After dropping out of Hofstra University, Tommy Mottola pursued a career as a singer and guitarist with the R&B cover band The Exotics. He entered the music industry as a solo artist in the mid-1960s as a recording artist for CBS Records using the stage name T.D. Valentine. Unfortunately, Mottola’s attempts to make it as a recording artist failed. Next, Mottola began working for Chappell Publishing. At the same time, he founded his own management company called Champion Entertainment Organization. He made a success of his management company because of the contacts he made from his work at Chappell Publishing. Mottola’s first successful clients were Daryl Hall & John Oates. He helped them to land a record deal and to make money from high-profile endorsements. Mottola gained further recognition when he managed the rock group ‘Xavion.’ Mottola used music videos to promote their music and corporate sponsorship to support the band’s tours.
His Career with Sony Music Entertainment
Mottola was hired by Sony Music in 1988 when the company was known as CBS Records, and he originally ran U.S. operations. Two years later, he became the Chairman CEO of the company at the same time as it was renamed Sony Music. Under his leadership, Sony Music became one of the most successful global companies as it expanded into more than 60 countries and became one of the first music businesses to make commercial digital downloads available. Mottola was also responsible for some of the biggest superstars of the 10990s, including Mariah Carey, who he went on to marry, and Canadian singer Celine Dion. Other artists he nurtured included Gloria Estefan, Shakira, Jessica Simpson, Destiny’s Child, the Dixie Chicks, and Anastacia. Furthermore, he remasted recordings of artists such as Barbara Streisand and Bruce Springsteen, worked with Michael Jackson from the album ‘Dangerous’ onwards and contributed to the popularity of artists such as Marc Anthony, Jennifer Lopez, and Ricky Martin.
Mottola’s Career Post-Sony
Tommy Mottola left his position as the head of Sony Music Entertainment in 2003. Since that time, he has worked on building a new entertainment company called Mottola Media Group. It covers a wide range of media, including recorded music, theater, television production, and fashion. His company helped to relaunch the careers of artists such as Lindsay Lohan and Marc Anthony. Mottola has also signed new acts, including Mika and Cassie Ventura. Lohan and Mika were signed after Mottola Entertainment Group bought out the rights to Casablanca Records. The company also signed a multi-year first-look deal with eOne in 2018 that allows them to develop both scripted and unscripted television series. In addition to Mottola Entertainment Group, Mottola also formed NTERTAIN with Lex Borrero, the CEO and Co-founder of Neon 16, and representatives from Range Media Partners. It is based in Miami and is headed by Mottola and Borrero in partnership with Peter Micelli, the CEO of Rane Media Partners. NTERTAIN is a media company that creates, develops, and produces a wide range of media with a focus on Latino culture and talents. Mottola was interested in founding this company as he believes content reflecting Latino culture and talent is significantly underrepresented, both in the United States and internationally.
Other Ventures
In 2013, Tommy Mottola published the book ‘Hitmaker’ with Carl Fussman. The autobiographical book covers Mottola’s life, his career success, and his experiences in the music industry. It also includes some of the downtimes he has experienced. Mottola was the producer of the musical adaptation of ‘A Bronx Tale’ by Chazz Palminteri. It opened in 2016 for previews at the Paper Mill Playhouse, then officially opened on Broadway in December 2016. It closed in August 2018, but there is a national tour beginning in October 2021 that will open at the Pantages Theater in Los Angeles.
Tommy Mottola’s Net Worth
According to Celebrity Net Worth, Tommy Mottola’s net worth is $340 million. He has made his money through his work in various aspects of the music industry with both Sony Music Entertainment and Mottola Media Group. He has also made some money from other ventures in which he has been involved at various stages of his career.
His Personal Life
In his personal life, Tommy Mottola has been married three times, and he has three children. His first wife was Lisa Clark, to whom he was married from 1971 and 1990. Clark is the daughter of Sam Clark, the head of ABC Records. When Mottola married Clark, he converted to Judaism. The former couple had two children together, Michael and Sarah. In 1993, Tommy Mottola married his second wife, singer and actress Mariah Carey. After a troubled relationship that was widely covered by the media, the couple announced their separation in 1997, and they divorced a year later. Mottola and Carey did not have any children together. Tommy Mottola is now married to his third wife, Mexican singer and actress Thalia. The couple married in 2000 at St. Patrick’s Cathedral in New York City. Their daughter, Sabrina Sakae, was born in October 2007. In 2011, Thalia gave birth to their son, Matthew Alejandro.
