Creating Asylum Records
Geffen did just that. And Ertegun didn’t just encourage Geffen; he offered Geffen 50 per cent to be his partner in the label. Ertegun wanted the label to be called either Benchmark or Phoenix, and Atlantic would handle the distribution side and cover all expenses. It was the perfect deal, and it didn’t cost Geffen a cent, as his biographer, Tom King, noted.
Ahmet Ertegun and David Geffen. Source: Pinterest
For Geffen, the name Asylum spoke to him. It related to his desire to create a sort of “talent sanctuary” that would give his artists the freedom to create without having to deal with the pressure of the music industry.