Asylum Records
In 1972 Asylum was taken over by the then-Warner Communications (now Warner Music Group) and Asylum merged with Elektra Records to become Elektra/Asylum Records. David Geffen received $2 million in cash and $5 million in Warner Communications stock, making it one of the company's largest shareholders. In 1973, Geffen opened the now famous Roxy nightclub on the Sunset Strip in Los Angeles, which became a showcase for many up-and-coming artists. Geffen served as chairman and president of Elektra/Asylum Records until 1975, when he moved into motion pictures and was named vice president of Warner Brothers Pictures.