Hit Men summary

Yetnikoff’s leadership marked the beginning of a new era, one defined by bold, deal-driven executives. He soon shed his quiet demeanor, adopting a larger-than-life persona and setting his sights on surpassing Warner Communications, CBS’s biggest rival.

One of his first big moves came in 1976, when he snagged James Taylor from Warner Bros. Records with a massive million-dollar-per-album contract. It almost fell apart when Taylor showed up late to the signing, deeply shaken after Warner executives made a last-ditch effort to keep him. Yetnikoff, furious and holding both the contract and a $2.5 million check, eventually persuaded Taylor to sign in the early hours of the morning.

By the turn of the decade, CBS had hit tough times, especially after a rough 1979. Earnings had nearly halved, and the company needed to make cuts. One major area of spending was independent promotion, where millions were being funneled into the hands of middlemen to secure radio airplay. This is where Dick Asher, the deputy president of CBS Records, stepped in with a daring idea: try breaking a single on Top 40 radio without using these independent promoters.

Asher wasn’t your typical music industry figure. He was a sharp, strategic thinker – an ex-Marine with a law degree from Cornell. In 1980, Asher decided to tackle one of the music industry’s biggest financial leaks: the dependence on independent promotion. These promoters had immense power, controlling access to radio playlists. Record labels, including CBS, had spent millions to ensure their artists got airplay, and by 1985, the industry was bleeding $60 to $80 million a year just on this practice.

Dick Asher and Walter Yetnikoff had a long history at CBS Records, with Asher serving as a loyal lieutenant during Yetnikoff’s rise to the top. Despite the setback with independent promoters, Asher’s cost-cutting measures were largely successful in the early ’80s. He trimmed excessive spending, renegotiated contracts, and streamlined operations across the company. 

However, as CBS’s fortunes turned around, a power struggle emerged between Asher and Yetnikoff. The latter found his position strengthened by alliances with two influential figures. The first was Frank Dileo, Epic Records’ vice president of promotion, who became a close confidant. When Dileo orchestrated the massively successful Thriller campaign for Michael Jackson, his stock soared even higher. 

In October 1985, PolyGram was struggling to regain its footing after years of heavy losses. Company head Jan Timmer made a surprising choice for the new president of PolyGram’s US operation: Dick Asher.

After taking the reins, Asher began the painful process of slashing costs and rebuilding the company. He trimmed the bloated artist roster, closed warehouses, and brought in his own team, many of them former CBS colleagues. Thanks to the heavy metal craze and breakout success of bands like Bon Jovi, PolyGram began to turn things around.