Pete Doherty is in talks to set up his own record label with the help of a millionaire British businessman.

The Babyshambles frontman is reportedly in talks with internet tycoon Andrew Michael, who is worth an estimated $100 million, about forming their own company.

The move would pave the way for Doherty to have complete creative control over his music career.

A source tells British newspaper the Daily Star Sunday, “Pete’s thinking the sky’s the limit. He’s getting some good advice and he can’t wait to get going. A record label would be good to start with but he’s got a whole host of other ideas to make money.”

Source

WENN