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EMI to be universally taken over
Other | Tuesday 25th September 2012 | Osh
Now whether you are a fan or not, it cannot be disputed that acts like Coldplay and Kylie Minogue are big money musicians, and certainly popular. You just have to look at the Paralympics Closing Ceremony/drawn out Coldplay gig to see the status that this band has. However, this may not count for much as the band, as well as several other high-profile artists, is soon to find themselves without a record label.
British record company EMI is going through a £1.2 billion takeover by Universal Music Group. With EMI acting as the parent company to several smaller labels, this huge move is set to effectively put a large number of musicians up for adoption. The reason for this is that the European Commission has ruled that the takeover can only take place if EMI reduces its revenues.
Several more acts, both old and new, are soon to find themselves without representation, including Pink Floyd, David Guetta, Tinie Tempah, Gorillaz and David Bowie, all of whom are signed to Parlophone.
EMI will still retain The Beatles, who for obvious reasons are unlikely to release any more material, but their many albums will still no doubt sell millions of copies. As if getting rid of all these valuable acts wasn’t enough, Universal will also take over EMI’s properties, including the historic Abbey Road Studios, made famous by The Beatles.
It’s not all bad though; Cliff Richard is among the artists being dropped.
By David Pratt
