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.
Wires > News
- 11:02 CET Most economists say Brexit will harm economy – poll
- 07:05 CET French finance minister rules out Google tax deal, more firms…
- 05:33 CET Japan’s Abe to delay sales tax hike until 2019 – government source
- 23:52 CET Lufthansa suspends Caracas flights as Venezuelan economy struggles
- 11:58 CET China to open e-commerce, other sectors to foreign investment -…
- 22:44 CET Automakers recall 12 million U.S. vehicles over Takata air bags
- 22:40 CET Sumner Redstone suggests he could oust Viacom board, CEO
- 22:26 CET U.S. seeks WTO dispute panel in chicken dispute with China