Another icon gets primed for online ... Warner Music Group (NYSE: WMG) and the family of Frank Sinatra have formed 50-50 JV Frank Sinatra Enterprises. The new company integrates all facets of managing Sinatra’s music, film and stage legacy, including administering all licenses for the use of his name and likeness. The assets include Sinatra’s Reprise recordings, 50-plus albums. As the LAT reminds, WMG bought out Sinatra’s stake in the label in 1963, while Sinatra got the masters; Warner has been paying for the rights to issue albums based on the recordings but it now will have a 50 percent stake. Executives from WMG’s Rhino Entertainment will manage the JV with a family rep; Tina Sinatra and WMG chairman and CEO Edgar Bronfman, Jr. will be on the board. Release.

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What does this mean for new media? Not completely sure yet but the LAT says the company “is particularly interested in mining revenue from online and other new media.” The announcement simply says FSE will “pursue innovative new product and venture opportunities with respect to the legendary entertainer’s name and likeness, as well as for the audio and visual content.” (One note: many of Sinatra’s albums can be purchased as MP3s but so far I don’t see them available as subscription.)

As for its value to WMG, no surprise that the JV was announced on the eve of an earnings call. WMG reports Thursday morning.