Over the past few years record companies have made pronouncements that they would like to be in business with bands not just with regard to their recording careers, but also with regard to touring revenue, corporate sponsorship, and merchandising revenue. Most of the time these desires are laughed at by both artist managers and artists alike. If anything certain artists with solid careers and clout have taken an opposite tack. Not only did Paul McCartney decide to release his new record via a partnership between Concord Records and Starbucks Coffee Company, but he also owns all his masters from his solo career. He took those with him when he left EMI and will probably shop them around to a label to distribute or create his own label.
In fact several successful artists from the heyday of the music industry obtained the rights to at least their future master recordings, if not their catalog recordings as well, when re-negotiating their record deals.
Some high profile acts have negotiated new recording contracts which do indeed give the label more of what they want: a share of the act's non-recorded music revenue streams. Both Korn and Robbie Williams signed deals like this with EMI owned labels.
Now there are rumors that Warner Music Group might be interested in purchasing one of the industry's big artist management concerns. But I, for the life of me, can't see that happening. It would ruin any management company's credibility with its artist roster because the manager is person tasked with, among other things, managing the record company relationship. If that boundary is compromised, or has the perception of being compromised, then that manager is most likely going to be sacked. While I still believe artist managers need to get out of the license approval process in order to streamline licensing of repertoire across all potential record company revenue channels they do play a constructive role in holding the label's feet to the fire and working with the label re: the artist's schedule management. This isn't MGM in the golden days of Hollywood. The "studio system" which existed for the movie business is gone, and for the music business such tight reins on the acts dissolved when Motown Records' artists like Marvin Gaye and Stevie wonder fought for more artistic control (though every once in a while you get some Svengali manager/label head like Lou Pearlman who is successful in developing acts out of a defined, repeated formula).
One can say "we're all creative businessmen. Such an arrangement could work with the proper checks and balances." There are a lot of pitfalls the artist could face if both manager and label were aligned together. Any manager worth her salt ought to keep the foxes from the label out of their chicken coop.