 Working with Phil Walden and Jerry Wexler, Frank Fenter negotiated the Capricorn deal with his mentor, Ahmet Ertegun Frank Fenter and Phil Walden envisioned a new kind of record company structure that would be vertically integrated.Capricorn Records would have loosely held subsidiary companies that encompassed all facets of the music business, including artist management, with Phil Walden and Associates; a booking agency, the Paragon Agency; a music publishing house, No Exit Music; and artist merchandising, with the Great Southern Company.Frank Fenter took the helm of Capricorn Records while Phil Walden focused on artist management where they together pioneered and popularized the music genre known as Southern Rock.