Q Prime, an old school management firm that handles Metallica and The Red Hot Chili Peppers will launch a record label called Mom & Pop music company. “Our ambition is not to be ‘indie’ or ‘major.” Instead, we are striving toward what would now be considered a boutique label, taking our inspiration from great historical music companies like A&M, Chrysalis, Sire, and Island – labels that maintained the best balance of cultural importance and commercial appeal, ” says Q Prime’s Cliff Burnstein.

Myspace Music, originally set to launch yesterday has been delayed until next week. Myspace Music has yet to find a CEO to helm the ship.

Warner Music: FOX columnist Roger Friedman is taking stabs at the Warner leadership. Edgar Bronfman Jr. promoted Lyor Cohen from head bounder to chief bounder. “Believe it or not, the reward for doing nothing but selling out your company is a promotion at Warner M. Group,” says Friedman. Cohen’s most decisive move in the last year? Selling off more than $6 million in stock to buy a tear-down house in the Hamptons. “WMG stock finished at $7.97 Tuesday. A year ago it was over $10. That was before Madonna and Nickelback left. This week, the company released what most people expect to be the final album by Metallica before that group moves on. …

This Week Sales:

Metallica ‘Death Magnetic’- 489,889
Kid Rock ‘Rock N Roll Jesus’ – 74,947
Slipknot ‘All Hope Is Gone’ – 51,773
Staind ‘Illusion of Progress’ – 18,308
Journety ‘Revelation’ – 12,919
3 Doors Down – Self Titled – 10,620
Hollywood Undead ‘ Swan Songs’ – 8,446
Shinedown ‘Sound Of Madness’ – 6,859
Rehab ‘ Graffiti The World’ – 5,374
Secondhand Serenade ‘Twist My Story’ – 5,302
Death Cab For Cutie ‘Narros Stairs’ – 4,908