It has brought the world everyone from The Beatles to Queen, Kate Perry and Coldplay. Now EMI is to have yet another new owner – or actually two.
Universal Music is to aquire the recorded music side of EMI, including the legendary Abbey Road studios in London for 1.4 billion euros from Citigroup. The music publishing operation is being sold separately, probably to Sony.
Many in music hope EMI is just being sold – not sold out. Pete Hutchison from independent label, Peacefrog Records said: “I hope that EMI continues in the shape and form it’s in now because they’re a good company. We use them for our distribution. Really good people. As long as it carries on, it’s a good thing.”
The move has pleased the Rolling Stones who left EMI for Universal in 2008. Frontman Mick Jagger said he was glad the company was again being run by people who had music in their blood.