Atlantic Records co-founder Ahmet Ertegun is in a "critical condition" and in a deep coma after a fall.
Mr Ertegun set up Atlantic Records with $6,000 (£3,000) of borrowed money
Mr Ertegun, 83, helped make Ray Charles and Aretha Franklin stars and signed the Rolling Stones in the early 70s.
He was treated for a brain injury after the accident in October in New York and after treatment in intensive care initial reports were optimistic.
But his neurosurgeon has now said "his chance of a meaningful recovery is small," reports Reuters.
Neurosurgeon Dr Howard Riina, said: "He's in a deep coma and in a critical condition."
Rhythm and blues
Asked when a decision might be made about continuing to provide life support to Mr Ertegun, Dr Riina said: "It's not clear at this point. He remains critically ill. He's still very sick."
Mr Ertegun, a jazz fanatic who came to the United States at the age of 11 when his father was named Turkish ambassador, founded Atlantic Records with Herb Abramson in 1947.
They quickly turned it into one of the leading independent jazz and rhythm and blues labels signing such names as Dizzy Gillespie and Duke Ellington.
Successes came steadily including the signing of Led Zeppelin in the 1970s.
Atlantic Records confirmed Mr Ertegun fell on 29 October and was admitted to hospital immediately but said he was "currently recuperating from the accident" .